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The BSE Sensex fell 452 points (0.61%) to 73,774, while the Nifty50 dropped 159 points (0.71%) to 22,376 around 11:19 a.m.
Among Sensex stocks, Tech Mahindra, Infosys, HCL Tech, Tata Steel, and TCS ticked lower, falling up to 2.5%. In contrast, Power Grid, Nestle India, HUL, M&M, and Tata Motors saw early gains.
Equity markets slipped despite the RBI cutting its key repo rate by 25 basis points to 6% and shifting its policy stance from “neutral” to “accommodative.” This marked the second consecutive rate cut this year, as the central bank moved to counter growing global headwinds, including the impact of steep U.S. tariffs on economic momentum.
Shares of gold loan providers fell sharply after RBI Governor Sanjay Malhotra announced plans to issue comprehensive guidelines on gold loans. Muthoot Finance and IIFL Finance declined as much as 9% on Wednesday.
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“Loans against the collateral of gold jewellery and ornaments are extended by banks and NBFCs. To harmonise regulations across entities and address their differential risk-bearing capabilities, we will issue comprehensive regulations on provisioning norms and conduct-related aspects for such loans,” Malhotra said.
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Meanwhile, U.S. President Donald Trump’s “reciprocal” tariffs on dozens of countries came into effect on Wednesday, including a whopping 104% duty on Chinese goods, deepening the global trade war even as some countries prepared to enter negotiations.
IT stocks, which generate a significant portion of their revenue from the U.S., dropped 2.5% on concerns of a possible recession. Pharma stocks also declined, with the sector index falling 1.7%, after Trump signaled plans for “major” tariffs on pharmaceutical imports.
Metal stocks also declined up to 4% after the U.S. hiked import duties on Chinese goods by 50%, raising the total tariff burden on China to 104%. The move could prompt China to divert its steel exports to other markets like India, increasing competition and pressuring local producers. Tata Steel, SAIL, and Jindal Steel were among the laggards.
Global Markets
Stocks in Asia extended Wall Street’s sharp decline on Wednesday, as President Donald Trump looked set to impose a massive 104% tariff on Chinese goods, pushing oil prices to four-year lows and intensifying fears of a global recession.The S&P 500 saw one of its most dramatic intraday reversals in at least 50 years, dropping 4.2 percentage points from a positive open to a sharply negative close. The index has now lost $5.8 trillion in market value over the past four days — its worst four-day loss since inception in the 1950s.
In early Asian trade, S&P 500 futures were down 1.5%, while Nasdaq futures fell 1.7%. The selloff also extended to Europe, with EUROSTOXX 50 futures down 4.5% and FTSE futures dropping 2.5%.
In Asia, China's blue-chip index slipped 1.2%, while Hong Kong's Hang Seng tumbled 3.1%. MSCI's broadest index of Asia-Pacific shares outside Japan declined 1.7%.
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FII/DII Tracker
On Tuesday (April 8), foreign institutional investors (FIIs) sold equities worth Rs 4,994.2 crore while domestic institutional investors (DIIs) bought equities worth Rs 3,097.2 crore.Oil Near $60 per Barrel
Oil prices dropped to their lowest levels in more than four years in early trade on Wednesday, amid growing demand concerns triggered by the escalating tariff war between the U.S. and China—the world’s two largest economies—and an increasing supply outlook.Brent crude futures fell by $2.13, or 3.39%, to $60.69 per barrel as of 0108 GMT, while U.S. West Texas Intermediate (WTI) crude dropped $2.36, or 3.96%, to $57.22. Brent touched its lowest level since March 2021, and WTI hit its lowest since February 2021.
Rupee vs Dollar
The Indian rupee fell 31 paise to 86.57 against the U.S. dollar in early trade. Meanwhile, the U.S. dollar index, which tracks the greenback against a basket of six major world currencies, declined 0.61% to 102.33.(With inputs from agencies)
