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The domestic stock market witnessed a sharp decline in the first trading session of the new business year i.e. FY26. The market opened with a decline after weak global signals. After this, there was a sharp recovery from the lower levels. However, after some time, there was a big decline once again from the upper levels of the day. Nifty and Sensex - both the major indices were seen trading with a decline of more than 1%. The maximum pressure was seen in IT stocks.
Concerns over US President Donald Trump's new tariff plan and weakness in IT stocks put a brake on the market's rise today. Sensex fell by 1,176.84 points or 1.52% intraday to reach 76,238.08. At the same time, Nifty fell by 294.65 points or 1.25% to 23,224.70.
Bajaj Finserv, Infosys, HDFC Bank, Shriram Finance, Bajaj Finance, HCL Tech were at the top of the Nifty's weakest stocks list, which saw selling of up to 3%. Nifty IT index saw a decline of 2.4%. All 10 stocks of this index were seen trading in the red. Persistent Systems, OFSS, Coforge saw a decline. What is the biggest reason for the decline in the market? 1. Trump's tariff plan: US President Donald Trump is going to implement reciprocal tariffs on April 2 under his "Liberation Day". This has increased the fear in the market. Trump has already imposed tariffs on countries like Canada, Mexico and China. Now there is talk of tariffs on automobiles, steel, aluminum, copper, pharma, semiconductors and wood as well. 2. Sharp rise in crude oil: Brent crude oil rose 1.51% to reach 74.74 US dollars per barrel. India is one of the largest importers of crude oil. Therefore, this increase is a matter of concern for the market. Due to the cost of oil, the import cost of the country increases, which puts pressure on the stock market. 3. Threat of recession in America: Goldman Sachs increased the possibility of recession in America from 20% to 35%. Trump's tariffs were cited as the reason behind this.
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