Sensex, Nifty decline on global trends as fresh U.S. tariffs unnerve investors
Mumbai, Apr 9 (PTI): Benchmark stock indices Sensex and Nifty closed lower on Wednesday in line with losses in global markets after fresh US tariffs on China, even as the Reserve Bank cut policy rates for a second consecutive time as it sought to bolster the economy in the face of further pressure from damaging US tariffs.
The 30-share BSE Sensex dropped 379.93 points or 0.51 per cent to settle at 73,847.15. During the day, it slumped 554.02 points or 0.74 per cent to a low of 73,673.06.
The NSE Nifty declined 136.70 points or 0.61 per cent to 22,399.15. Intra-day, it tanked 182.6 points or 0.81 per cent to 22,353.25.
Mirroring weak trends in Asian equities, domestic key equity indices opened lower and remained in the negative territory throughout the session after the US imposed a fresh set of tariffs, including a whopping 104 per cent levy on Chinese imports.
"Global financial markets are witnessing renewed selling pressure following the enactment of reciprocal tariffs. A trade war is escalating global risk, with a rise in US bond yields prompting a sell-off in the world's safe treasury assets. In India, a cut in the repo rate, along with an accommodative policy stance, is taken as a constructive step.
"However, it has done little to uplift overall market sentiment, as the world is embracing recessionary risk," Vinod Nair, Head of Research, Geojit Investments Limited, said.
State Bank of India was the biggest loser among Sensex shares, dropping by 3.43 per cent amid a fall in banking shares. Tech Mahindra, Larsen & Toubro, Tata Steel, Sun Pharma, Infosys, HCL Tech, Axis Bank, Tata Consultancy Services and NTPC were also among laggards.
Nestle, Hindustan Unilever, Titan, Power Grid, UltraTech Cement and ITC were among the gainers.
The BSE smallcap gauge dropped 1.08 per cent and midcap index declined 0.73 per cent.
Among sectoral indices, BSE Focused IT tanked 2.19 per cent, while IT (2.01 per cent), realty (2 per cent), teck (1.57 per cent), metal (1.44 per cent) and industrials (1.42 per cent) also declined.
Auto, consumer durables and FMCG were the gainers.
In Asian markets, Tokyo's Nikkei 225 index and South Korea's Kospi settled lower while Shanghai SSE Composite index and Hong Kong's Hang Seng ended higher. Tokyo's Nikkei 225 index dropped nearly 4 per cent.
Markets in Europe were trading sharply lower. US markets ended significantly lower on Tuesday.
The Reserve Bank of India (RBI) cut interest rates on Wednesday for a second consecutive time and signalled more easing to come as it sought to bolster the economy in the face of further pressure from damaging US tariffs.
The Monetary Policy Committee (MPC), consisting of three central bank members and an equal number of external members, voted unanimously to cut the repurchase or repo rate by 25 basis points to 6 per cent. It had reduced rates by an equal measure in February -- the first cut since May 2020.
RBI changed its policy stance to "accommodative" from "neutral", indicating the possibility of more rate cuts in future, Governor Sanjay Malhotra said, announcing the MPC decisions.
The rate cut came on a day when the full 26 per cent additional tariffs on Indian goods exported to the US came into effect.
RBI also lowered its estimate for economic growth to 6.5 per cent for 2025-26 from 6.7 per cent earlier. The inflation projection was also lowered to 4 per cent from 4.2 per cent, keeping it within the target range of 2-6 per cent.
"Markets slipped after a brief rebound, losing over half a per cent as the choppy trend persisted. Sentiment took a hit following the announcement of fresh US tariffs on China, leading to a gap-down opening and a largely range-bound session thereafter. The outcome of the MPC meeting—where a 25 bps rate cut was announced along with a shift to an accommodative stance—failed to evoke any meaningful market reaction," Ajit Mishra – SVP, Research, Religare Broking Ltd, said.
Foreign Institutional Investors (FIIs) offloaded equities worth Rs 4,994.24 crore on Tuesday, according to exchange data.
Global oil benchmark Brent crude dropped 4.23 per cent to USD 60.16 a barrel.
After Monday's drubbing, the BSE benchmark jumped 1,089.18 points or 1.49 per cent to settle at 74,227.08 on Tuesday. The Nifty surged 374.25 points or 1.69 per cent to 22,535.85.
Indian stock markets will remain closed on Thursday for Mahavir Jayanti.
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Oppn, X users flag concerns over US envoy Sergio Gor’s visit to Army’s western command
New Delhi: A visit by the US Ambassador to India, Sergio Gor, to Chandigarh on Monday has triggered sharp criticism from opposition leaders and social media users, raising questions about national security and foreign policy.
On X, Ambassador Gor announced his visit, writing, “Just landed in Chandigarh. Looking forward to visiting the Western Command of the Indian Army.”
Just landed in Chandigarh. Looking forward to visiting the Western Command of the Indian Army
— Ambassador Sergio Gor (@USAmbIndia) February 16, 2026
Soon after, opposition voices questioned the broader implications of the visit. Congress Kerala, in a post, commented, “Why so much panic? We’ve already seen Pakistan's ISI getting access to Pathankot Airbase with this government's blessings. Didn't they say then ‘Modi ne kiya ho to kuch soch samajh kar kiya hoga?’ Compared to that, this is very small.”
Why so much panic? We’ve already seen Pakistan's ISI getting access to Pathankot Airbase with this government's blessings.
— Congress Kerala (@INCKerala) February 16, 2026
Didn't they say then "Modi ne kiya ho to kuch soch samajh kar kiya hoga?"
Compared to that, this is very small. pic.twitter.com/gNNuAGQBPC
Shiv Sena (UBT) leader Priyanka Chaturvedi also weighed in, writing, “Since India’s national strategic interests are now tied to what US wants India to do, this visit seems to sync with that.”
She further added, “India’s history will remember the de-escalation announcement between India and Pak was announced on social media by the US President before Indians got to know from their own government. US Ambassador is doing the job for his nation, who is doing for us? The answer is blowing in the wind.”
Since India’s national strategic interests are now tied to what US wants India to do, this visit seems to sync with that. India’s history will remember the de-escalation announcement between India and Pak was announced on social media by the US President before Indians got to… pic.twitter.com/rYMq5NhJHA
— Priyanka Chaturvedi🇮🇳 (@priyankac19) February 16, 2026
The visit comes against the backdrop of the growing US-India defence partnership.
Writer and political analyst @rajuparulekar commented on ‘X’, “East India Company is back!”
“Is it allowed for an ambassador to visit any army unit in india?” asked another user.
Several X users expressed concerns over the appropriateness of the visit.
One asked, “Is it allowed for an ambassador to visit any army unit in India?” Another wrote, “Why an ambassador visiting our army places? To talk to Chandigarh lobby for F-35?”
Why an ambassador visiting our army places ? To talk to chandigarh lobby for f-35 ??
— Rohan Sagar (@RohanSagar03) February 16, 2026
“We have completely sold Indian sovereignty. Rothschild the evil Bankers will now control NSE. Modi sold Bharat Mata to Trump . And now American imperialist is visiting our army command . Scary,” wrote another user.
“The Indian Army isn’t part of geopolitics, so why is he interested in visiting there?,” opined another.
The Indian Army isn’t part of geopolitics, so why is he interested in visiting there?
— Aditya Pratap Singh (@Adi_IIMCIAN) February 16, 2026
On Sunday, Gor welcomed Admiral Samuel Paparo, Commander of the United States Indo-Pacific Command (INDOPACOM), highlighting efforts to expand the growing US-India defence partnership.
In a post on X, Gor wrote, “Delighted to have @INDOPACOM Commander Admiral Samuel Paparo in India to expand the U.S.-India defense partnership. Now is the time to strengthen vital cooperation between our two nations.”
On Monday, Admiral Samuel J. Paparo Jr visited the headquarters of India’s Western Army Command along with the American envoy Sergio Gor. The delegation was briefed on the formation’s capabilities, its past operations, and future plans.
The American delegation also visited Bengaluru, where they met three start-ups, two in the space sector and one in defence, and participated in an Indo-US conference.
