Monday mayhem: Sensex sinks 2,227 pts as trade war fears engulf global markets
Mumbai, Apr 7 (PTI): Stock markets crumbled on Monday with benchmark Sensex sinking by 2,226.79 points – its steepest single-day decline in 10 months – as a global market carnage following US President Donald Trump's tariff hikes and retaliation from China fanned fears of economic slowdown.
The 30-share BSE Sensex crashed 2,226.79 points or 2.95 per cent to settle at 73,137.90, recording its third day of decline. During the day, the index slumped 3,939.68 points or 5.22 per cent to 71,425.01.
The NSE Nifty tumbled 742.85 points or 3.24 per cent to settle at 22,161.60. Intra-day, the benchmark dropped 1,160.8 points or 5.06 per cent to 21,743.65.
All Sensex shares, except for Hindustan Unilever, ended with losses. Tata Steel fell the most by 7.33 per cent followed by Larsen & Toubro which cracked 5.78 per cent.
Tata Motors, Kotak Mahindra Bank, Mahindra & Mahindra, Infosys, Axis Bank, ICICI Bank, HCL Technologies and HDFC Bank were the other big laggards.
Hindustan Unilever ended marginally higher.
"The market tumbled as the carnage over high US tariffs and the retaliation by other countries may kickstart a trade war. Sectors like IT and metals have underperformed relative to the broader market due to the risk of high inflation with slower growth that may result in a potential recession in the US," Vinod Nair, Head of Research, Geojit Investments Limited, said.
As many as 3,515 stocks declined while 570 advanced and 140 remained unchanged on the BSE. Notably, 775 stocks hit their 52-week lows while 59 firms were at 52-week peaks on the BSE.
"After US markets plunged on Friday, it was writing on the wall for other global equity indices which fell like a pack of cards amid fears that Trump's policies on reciprocal tariffs may lead to recession and higher inflation in the US going ahead.
"Already, commodity prices of crude oil and several metals are seeing a downward slide, which is an indication of a slackening demand if the current trend persists," Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd, said.
In Asian markets, Hong Kong's Hang Seng index tanked more than 13 per cent, Tokyo's Nikkei 225 plunged nearly 8 per cent, Shanghai SSE Composite index dropped over 7 per cent and South Korea's Kospi sank over 5 per cent.
European markets too came under heavy selling pressure and were trading with up to 6 per cent decline.
US markets ended sharply lower on Friday. The S&P 500 dropped 5.97 per cent, Nasdaq composite slumped 5.82 per cent and the Dow tumbled 5.50 per cent on Friday.
On June 4 last year, the Sensex nosedived 4,389.73 points or 5.74 per cent to close at 72,079.05. In the day trade, the barometer tanked 6,234.35 points or 8.15 per cent to 70,234.43.
The Nifty ended at 21,884.50, a sharp decline of 1,379.40 points or 5.93 per cent on June 4, 2024. Intra-day it tumbled 1,982.45 points or 8.52 per cent to 21,281.45.
Sensex and Nifty had previously declined by over 13 per cent on March 23, 2020 when lockdown was imposed due to the COVID-19 pandemic.
On Monday, the BSE smallcap gauge cracked 4.13 per cent, and the midcap index tanked 3.46 per cent.
All BSE sectoral indices ended with deep cuts. Metal tumbled 6.22 per cent, realty dropped 5.69 per cent, commodities (4.68 per cent), industrials (4.57 per cent), consumer discretionary (3.79 per cent), auto (3.77 per cent), bankex (3.37 per cent), IT (2.92 per cent), teck (2.85 per cent) and BSE Focused IT (2.63 per cent).
"Though the overall impact on India may be limited when compared with other countries, investors are advised to play cautiously during this fray," Nair said.
Foreign Institutional Investors (FIIs) offloaded equities worth Rs 3,483.98 crore on Friday, according to exchange data.
Global oil benchmark Brent crude dropped 3.61 per cent to USD 63.21 a barrel.
Last week, the Sensex tanked 2,050.23 points or 2.64 per cent, while the NSE Nifty declined 614.8 points or 2.61 per cent.
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Mehbooba Mufti thanks CMs of West Bengal, Tamil Nadu, Karnataka for Waqf Act stance
Srinagar, Apr 12 (PTI): Peoples Democratic Party (PDP) chief Mehbooba Mufti on Saturday expressed gratitude to the chief ministers of West Bengal, Tamil Nadu and Karnataka for their "courageous and principled stand" against the Waqf Amendment Act.
Mufti, a former chief minister of the erstwhile state of Jammu and Kashmir, wrote identical letters to the West Bengal Chief Minister Mamata Banerjee, Tamil Nadu's M K Stalin and Karnataka's Siddaramaiah.
In a post on microblogging site X, Mufti said, "I have written to @MamataOfficial ji, @mkstalin ji & @siddaramaiah ji expressing heartfelt gratitude for their courageous & principled stand against the Waqf Amendment Bill. In today's India where dissent of any kind is increasingly criminalised their unequivocal voices come as a breath of fresh air."
"As residents of Jammu and Kashmir -- the only Muslim-majority region in the country -- we find solace and inspiration in your unwavering stance in these dark and challenging times," Mufti wrote.
She also posted copies of the letters on her X handle.
"For over a decade, India has faced a growing majoritarian tide threatening its core values of plurality and diversity. While most citizens reject this agenda, those promoting hatred and division now hold power targeting our Constitution, institutions and secular fabric.
"Minorities, particularly Muslims, have borne the brunt, most recently through the arbitrary enforcement of new Waqf laws which undermine our religious freedoms," Mufti said in the letters.
She said these actions "echo earlier injustices" such as the abrogation of special status and "dismemberment" of Jammu and Kashmir and reflect a "broader pattern of systemic erosion of rights".
"In these dark times, your courage and clarity have been a rare beacon of hope. Alongside a few principled voices you have stood up for justice and for the inclusive idea of India. I write to express my deep respect and the gratitude of many who feel voiceless and marginalised," she said.
The PDP chief further wrote that their continued support and leadership, the country can "reclaim our constitutional values and shared future".
I have written to @MamataOfficial ji, @mkstalin ji & @siddaramaiah ji expressing heartfelt gratitude for their courageous & principled stand against the Waqf Amendment Bill. In today’s India where dissent of any kind is increasingly criminalised their unequivocal voices come as a… pic.twitter.com/TVtTaboI4I
— Mehbooba Mufti (@MehboobaMufti) April 12, 2025
