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Market attention will now concentrate on the RBI’s monetary policy scheduled for April 9. (AI image)

Stock market today: BSE Sensex and Nifty50, the Indian equity benchmark indices, opened in red on Friday following global cues. While BSE Sensex dipped below 76,000, Nifty50 was above 23,100. At 9:16 AM, BSE Sensex was trading at 75,953.43, down 342 points or 0.45%. Nifty50 was at 23,126.65, down 123 points or 0.53%.
Following the United States’ announcement of reciprocal tariffs on several nations, including India, domestic equities showed a modest reaction. With this significant event over, market attention will now concentrate on the RBI’s monetary policy scheduled for April 9 and the upcoming fourth quarter earnings season beginning next week.
On Thursday, Wall Street indices experienced a significant downturn, recording their steepest single-day percentage declines in years. The plunge occurred as President Donald Trump‘s comprehensive tariffs sparked concerns about a potential full-scale trade war and worldwide economic downturn.
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Share prices in Australia and Japan declined at market opening, as global investors prepared for continued market volatility. This followed significant losses in US markets, where the S&P 500 fell 4.9% and the Nasdaq 100 dropped 5.5% on Thursday, marking their steepest declines since 2020. The downturn came after President Donald Trump announced additional tariff measures, prompting investors to seek safer assets.
On Friday, gold maintained its price levels and was positioned to record its fifth weekly gain in succession. The increased appeal of gold as a safe-haven investment was driven by concerns over global trade tensions following US President Donald Trump’s implementation of reciprocal tariffs.
Foreign portfolio investors emerged as net sellers, offloading Rs 2,806 crore worth of shares on Thursday, whilst domestic institutional investors acquired shares valued at Rs 221 crore.
The net short positions held by Foreign Institutional Investors increased to Rs 73,190 crore on Thursday from Rs 62,329 crore on Wednesday.

Mr. Vikram Pawah with the first-ever BMW X1 Long Wheelbase All Electric.
| Photo Credit: Special Arrangement

Beginning 2025 with a strong start, BMW Group India has delivered its best-ever Q1 (January-March) car deliveries with 7% growth YoY by selling 3,914 cars (BMW and MINI) and 1,373 motorcycles (BMW Motorrad)

BMW sold 3,764 units and MINi 150 units, the luxury car company said.

Monthly sales in each month – January, February and March – also recorded their peak, it said.

Vikram Pawah, President and CEO, BMW Group India said, “BMW Group India has set the tone for a successful year ahead, delivering record-breaking performance in the first quarter.”

“Continuing our lead as the most preferred luxury EV brand, we have seen phenomenal growth of over 200% in our electric car sales. Similarly, BMW long wheelbase models have captured the imagination of luxury connoisseurs across the board, growing by a remarkable +187%,” he said.

“Our robust strategy has driven momentum for us despite a challenging environment. BMW is a highly aspirational brand with a pioneering spirit, and we will continue to unlock the true potential of Indian luxury automotive market with unparalleled customer experience,” he added.

With 10 new launches planned during the year, the company is expecting double digit growth, Mr. Pawah said. 

Troubled waters: Impact on Indian seafood exports to the U.S. will be significant as India is the largest exporter to the U.S.
| Photo Credit:

U.S. President Donald Trump’s announcement of 26% tariff across a spectrum of goods from India will have an immediate impact on Indian seafood exports, which totalled $7.38 billion during 2023-24.

Impact on Indian seafood exports to the U.S. will be significant considering that India is the largest exporter of seafood to the U.S., having a 35% share in the U.S. market, said K.N. Raghavan, secretary general of the Seafood Exporters Association of India.

The impact is accentuated by the fact that Ecuador, India’s closest rival in the U.S. market, has been slapped with a 10% tariff.

The difference of 17% tariff is a cause for worry for the Indian seafood business, he pointed out. Ecuador’s current share in the U.S. market is 18-19%.

India exported a total of 17.81 lakh tonnes of seafood during 2023-24, earning ₹60,523 crore.

The bulk of seafood exports is frozen shrimp and the biggest importer is the U.S., accounting for 2.97 lakh tonnes worth about $488 million. The European Union is also a huge importer of Indian seafood.

It may be recalled that the U.S. had banned imports of all Indian wild-caught shrimps reasoning that Indian fishermen had not deployed Turtle Excluder Devices (TED) to prevent turtles from getting injured or killed while fishing for shrimp.

Frozen shrimp constitutes more than 40% of the quantity and 66% of the value of Indian seafood exports.

Mr. Raghavan said that the future would be impacted by the Indo-U.S. bilateral trade agreement. An early conclusion may bring some relief. The government is working on the agreement, he added.

Technology stocks plunged on Thursday after President Donald Trump’s new tariff policies triggered widespread market panic.
Apple led the sharp decline among the “Magnificent Seven” tech stocks, dropping nearly 9%. The iPhone maker, which manufactures many of its devices in China and other Asian countries, is on track for its biggest drop since 2020, according to CNBC.
The tech-heavy Nasdaq Composite fell more than 5%, heading towards its worst performance in over five years. The index has dropped 14% year-to-date.
Other major tech companies also felt the impact. Meta Platforms and Amazon both dropped more than 7%, while Nvidia and Tesla slumped over 5%. Nvidia, which builds its chips in Taiwan and assembles artificial intelligence systems in Mexico, was especially hard-hit. Microsoft and Alphabet each fell around 2%.
Semiconductor stocks suffered as well, with Marvell Technology, Arm Holdings, and Micron Technology falling over 8%. Broadcom and Lam Research dropped 6%, while Advanced Micro Devices fell more than 4%. Personal computer makers Dell and HP saw significant losses, with both stocks falling over 16%.
The sell-off in tech stocks was part of a broader market downturn triggered by fears of a global trade war after Trump unveiled a blanket 10% tariff on all imported goods, along with higher duties targeting specific countries. The new tariffs were described by Trump as a “declaration of economic independence” for the U.S.
The tariff measures include a 34% tax on China, in addition to a previous 20% levy, a 46% duty on imports from Vietnam, and a 20% tariff on goods from the European Union. In response, China’s Ministry of Commerce called for the immediate cancellation of the tariffs and warned of “resolute counter-measures.”
The tariffs came at a difficult time for the tech-heavy Nasdaq, which had already experienced a tough quarter, with concerns about a weakening U.S. economy weighing on stocks. Trump, however, applauded some of the biggest tech companies for investing in the U.S., highlighting Apple’s plan to spend $500 billion over the next four years.

Following the 27% tariff on Indian imports announced by the U.S, exporters across sectors have called for an early conclusion of the Bilateral Trade Agreement (BTA) with that country.

“Assessing the impact of the recently imposed 27% reciprocal tariffs by the U.S. on Indian exports reveals a nuanced scenario. While these tariffs do present challenges, India’s position remains comparatively favourable. For instance, Vietnam faces a 46% tariff, China 34%, and Indonesia 32%, placing India in a relatively better position than key competitors. Despite the tariffs, certain sectors in India, including apparel, gems and jewellery, leather, electronics, chemicals, plastics, and furniture, may experience a diversion of exports, potentially offsetting some adverse effects. The timely conclusion of a Bilateral Trade Agreement (BTA) between India and the U.S. is crucial to mitigate these tariffs and provide relief to Indian exporters,” said Ajay Sahai, Director General and Chief Executive Officer of Federation of Indian Exporters Organisation (FIEO).

Exports of marine products, carpets, advanced machinery, and medical equipment are likely to be impacted because the competing countries for these sectors have relatively lower tariff, he added. 

Engineering exporters are not bullish on the impact of the tariff.

The Executive Director of EEPC India Adhip Mitra said the U.S. is the top destination for engineering exporters. In 2024-2025 from April to February, India exported $17.27 billion worth engineering goods, which is 8.3% more than the previous year.

“Our preliminary estimate is that engineering goods exports may drop by $4 billion to $5 billion annually in the first year. Going forward, Indian exporters should diversify to new markets to minimise the impact of the U.S. tariff. Indian export of steel and steel products, aluminium and products, auto components, electrical machinery and equipment and industrial machinery will be the worst hit. India should accelerate its efforts for trade agreements with the EU, U.K., Canada and the GCC. Strategic intervention will give relief to exporters,” he said.

The 27% tariff on Indian exports to the U.S. is expected to bring opportunities to the Indian textile and apparel sector.

“At present, the tariff announced by the U.S. presents an opportunity for India compared to its competitors in terms of better market access,” said Rakesh Mehra, chairman of the Confederation of Indian Textile Industry.

India exported textile and apparel products worth $10.5 billion to the U.S. in 2024, accounting to about 28.5% of India’s total textile and apparel exports. In the last five years, India has been a relatively preferred partner for the U.S. in this sector. The top 10 imported products by the U.S. from India account for about 40% of total textile and apparel imports by the U.S. from India and so far attracted an average tariff of 10.28%.

The reciprocal tariff of 27% for India, is comparatively lower than tariffs for other competitors : China (34%), Bangladesh (37%) and Vietnam (46%). The importers will look for cost competitive sourcing, thus presenting opportunities for India. While strategic engagement with the U.S. remains critical, the exporters should also focus on expanding into new destinations, he added.

According to Siddhartha Rajagopal, executive director of the Cotton Textiles Export Promotion Council, supply of garments and textiles to the U.S. from Asia will take a hit with the tariffs announced by the U.S. The fulcrum of production is likely to shift to south America, parts of Europe and Turkey in the short term. Labour-intensive Indian industries such as garments and home textiles should get a good deal in the proposed bilateral trade agreement between India and the U.S..

Mithileshwar Thakur, Secretary General of AEPC, said “It (the tariff) prima facie seems to be a case of India advantage for the apparel sector.” Vice chairman of the AEPC A. Sakthivel, however, cautioned that Turkey and Brazil, key competitors of India, will face a lower 10% tariff, becoming a more attractive sourcing option for USA buyers.

Chairman of the National Committee on Textiles of the Indian Chamber of Commerce, Sanjay K. Jain, said the U.S. will have to buy apparel from other countries and India will be cheaper compared with competing countries. The U.S. will not be able to scale up its production capacities in this sector immediately.

Prabhu Dhamodharan, convenor of Indian Texpreneurs Federation, said the tariff presents a medium to long-term opportunity to boost export volumes. The ongoing trade negotiations may further enhance India’s position, particularly if India offers zero-duty import of cotton in return for sector-specific benefits in apparel exports.

Approximately $1.7 trillion vanished from the US’ S&P 500 Index when trading began on Thursday, as concerns grew that President Donald Trump’s extensive tariffs could trigger an economic recession.
Companies with overseas manufacturing dependencies suffered the most significant losses. Apple Inc., which produces most of its US-marketed devices in China, declined 8% after opening. Lululemon Athletica Inc. and Nike Inc., with manufacturing connections to Vietnam, dropped about 10%. Walmart Inc. and Dollar Tree Inc., which stock internationally sourced products, fell by 2% and 11%, respectively.
The US market experienced widespread effects, with the benchmark index facing its largest decline since 2022. By 9.35 a.m. in New York, approximately 70% of S&P 500 companies showed losses, with nearly half declining by 2% or more.
Follow live updates on aftermath of Trump’s tariff announcements
Futures market also recorded significant losses as S&P 500 Futrues plunged 5%. Dow Jones Industrial Average futures dropped 2.8%, signalling steep losses when US markets open. Nasdaq futures fell 3.8%. Oil prices also took a hit, dropping more than 4%, and the US dollar sank to its lowest level against the Japanese yen since early October. The Dow Jones Industrial Average plunged by 1,150 points, while the Nasdaq composite fell 4.3%, according to news agency AP.
“There’s really not anybody getting spared in absolute terms,” said Garrett Melson, a portfolio strategist at Natixis Investment Managers Solutions. “You’re just wrapped up, today at least, in a broad de-risking, and so it’s kind of just across the board taking chips off the table,” he added, as reported by Bloomberg.
Also read:US, global markets plunge as Trump’s tariff hike escalate trade war fears
The scope and intensity of these tariffs exceeded Trump’s first-term measures, threatening to disrupt global supply chains, worsen economic deceleration, and increase inflation.
Citigroup analysts, led by Atif Malik, indicated that if Apple absorbed the tariff-related cost increases from China, the iPhone manufacturer’s gross margin could decrease by up to 9%.
Meanwhile, JPMorgan economist Michael Feroli noted that the plan represents the largest tax increase since 1968. It could potentially raise prices by 1.5% this year, according to the Federal Reserve’s preferred inflation measure, whilst negatively affecting personal incomes and consumer spending.
“This impact alone could take the economy perilously close to slipping into recession,” Feroli wrote. “And this is before accounting for the additional hits to gross exports and to investment spending.”
US assets emerged as primary casualties following the announcement. The S&P 500 decreased by 3%, whilst the dollar indicator declined. International markets showed less severe reactions: Asian stocks fell 0.7%, the Stoxx Europe 600 declined 2.6%, and the euro strengthened by 2% against the dollar.
The semiconductor sector also experienced significant losses. The Philadelphia Semiconductor Index dropped nearly 6%, with Nvidia Corp., Broadcom Inc., and Micron Technology Inc. declining over 5%. Caterpillar Inc. and Boeing Co., which derive substantial revenue from China, fell by at least 5%.
Apple led the decline among the Magnificent Seven stocks. This group, including Tesla, Microsoft, Nvidia, Alphabet, and Meta Platforms, had driven much of the US stock market’s growth over the previous two years.
UBS Group AG’s Bhanu Baweja wrote to clients: “We see 5,300 as the near-term target for the S&P 500, but if tariff uncertainty persists or negotiations with trading partners don’t go well, risks of downside through 5,000 become real. The probability of US stocks entering bear market is going higher.”
This comes after Trump, following the Wednesday trading session, announced a universal 10% baseline import tariff applicable to all nations, with additional levies on countries holding trade surpluses with the US. Specifically, Chinese imports will incur a 34% duty, whilst the European Union faces a 20% charge, and Taiwan encounters a 32% rate. This policy decision has significantly disrupted international markets, with China experiencing substantial impact as the new increase elevates its aggregate tariff exposure to 64%, inclusive of existing trade measures.

The US trade deficit narrowed in February, according to data released by the Commerce Department on Thursday, which was collected before President Donald Trump launched his latest round of global tariffs.
The trade gap shrank by 6.1% to $122.7 billion, slightly exceeding analysts’ expectations, according to news agency AFP.
In February, Trump introduced, then paused, sharp tariffs on Canada and Mexico, while also imposing additional duties on China. Since then, he has rolled out hefty levies on sectors such as steel, aluminium, and autos, with a global 10% tariff set to hit US trading partners in early April. Some countries and trading blocs will face even higher rates in the future.
These tariffs are expected to have a significant impact on US trade, as businesses adjust supply chains and try to mitigate rising costs. “Front-loading of imports remained in full effect in February,” noted Matthew Martin, senior US economist at Oxford Economics, referring to businesses rushing to stock up ahead of anticipated tariff hikes.
The tariffs announced on Wednesday “will add uncertainty to the outlook,” Martin added, warning that businesses may struggle to adjust as the April 5 deadline looms for new tariffs. This could lead to a sharp decline in imports during the second quarter, while retaliatory tariffs from other countries will likely weigh on US exports.
In February, the trade deficit contracted as exports rose and imports remained nearly unchanged. Exports increased by $8.0 billion to $278.5 billion, driven by industrial supplies, nonmonetary gold, and autos. Meanwhile, imports edged down slightly to $401.1 billion, as declines in industrial supplies were not fully offset by increases in consumer goods.

Image used for representational purpose.
| Photo Credit: AP

The U.S. reciprocal tariffs are expected to disrupt global trade flows and affect alternative markets like India with increased steel imports from countries hit by President Donald Trump’s import levies, experts said.

Also read | Trump tariff announcement LIVE Updates

President Trump on Wednesday (April 2, 2025) announced reciprocal tariffs on about 60 countries in a historic measure to counter higher duties imposed globally on American products.

For India, the U.S. has announced 27% reciprocal tariffs saying New Delhi imposes high import duties on American goods, as the Donald Trump administration aims to reduce the country’s trade deficit and boost manufacturing.

However, automobiles and auto parts and steel and aluminium articles, already subject to Section 232 tariffs at 25%, announced in March, are not covered in the latest order.

Indian Stainless Steel Development Association (ISSDA) said the overall volume of (stainless steel) exports to the U.S. remains modest, limiting the direct impact of reciprocal tariffs on India’s stainless steel sector.

“The greater concern, however, lies in the potential trade diversions triggered by such policies. Countries facing U.S. tariffs may redirect their exports to India, leading to an influx of low-cost imports,” ISSDA President Rajamani Krishnamurti said.

This poses a significant challenge to domestic producers, threatening the sustainability and growth of the Indian stainless steel industry, he said.

Dhruv Goel, CEO of market research firm BigMint said, “The indirect impact could be significant. Any disruption in global trade flows can lead to price volatility, shifts in demand-supply dynamics, and increased competition in alternate markets.”

According to BigMint, U.S. imports from India (finished steel, semi finished and stainless steel) stood at 0.22 million tonnes in 2024.

In 2024, imports of steel from China to the U.S. were 0.39 million tonnes, 3.06 million tonnes from the EU, 0.75 million tonnes from Japan, 1.19 million tonnes from Vietnam and 2.53 million tonnes from South Korea.

Vinayak Vipul, Partner, Metals and Mining, EY Parthenon said the direct impact will be limited but secondary effects such as global price fluctuations and trade diversions require close monitoring, he said.

Hridaya Mohan, ED at SAIL, said that with the exports from the EU to the U.S. becoming unviable, India may face steel dumping from China, South Korea, and Japan.

Ram Aggarwal, CEO, special steel maker Goodluck India said the U.S. tariffs are expected to adversely impact Indian exporters, particularly in the steel tube category.

Ritabrata Ghosh, Vice President & Sector Head, Corporate Ratings, ICRA, said, “Steel was already under the 25% duty imposed under Section 232 and the latest reciprocal tariff announcement exempts steel. The immediate impact could be limited.” Jindal Stainless MD Abhyuday Jindal said, “The development is bound to affect the global supply chain order, and the Indian industry, especially manufacturing, could benefit from this.”

“The lower reciprocal tariff rate of 27% on Indian goods, compared to much higher rates on China and Southeast Asian countries, could open up an array of opportunities in other sectors due to recalibrated trade flows. India Inc and MSMEs, supported by favourable policy measures, can take this opportunity to fill these gaps.”

India’s $32 billion gems and jewellery industry is bracing for a sharp fall in exports as hefty U.S. tariffs. File
| Photo Credit: Reuters

The country’s $32 billion gems and jewellery industry is bracing for a sharp fall in exports as hefty U.S. tariffs will impede overseas sales to its biggest market, industry officials said.

The United States slapped a 27% reciprocal tariff on India, dealing a blow to the South Asian country’s hopes of relief under President Donald Trump’s global trade policy.

Trump tariff announcement LIVE updates

“The tariff is higher than expected,” Colin Shah, managing director of Kama Jewelry, told Reuters. “It is quite severe and will affect exports.”

India is the world’s largest hub for diamond cutting and polishing, handling nine out of every 10 diamonds processed globally. The United States accounts for nearly $10 billion or 30.4% of India’s annual gems and jewellery exports of $32 billion.

Gems and jewellery are India’s third-largest export to the United States, after engineering and electronic goods, and the industry employs millions in the South Asian country.

The sector has already been hit in recent months by weak demand from China and exports dropped 14.5% to $32.3 billion in the 2023-24 fiscal year (April-March).

A long-term bilateral trade deal with the United States could soften help the blow, Mr. Shah said. India and the United States are in talks to clinch an early trade deal.

“We’re are pretty hopeful that India could land a trade deal with the U.S. in the next few months. So, we just need to push through this tough phase for a little while longer,” said Shaunak Parikh, vice chairman of the Gem and Jewellery Export Promotion Council (GJEPC).