Sensex, Nifty crash: Rs 11 lakh crore gone as Trump's tariffs stoke fears of recession 

The Indian stock market sinked on Friday with investors losing over Rs 11 lakh crore amid a broad-based selloff.  Sensex crashed 1041 pts to 75,254  and Nifty tumbled 385 pts to 22,864. Investor wealth slipped by Rs 11..04 lakh crore to Rs 402.29 lakh crore today against Rs 413.33 lakh crore in the previous session. 

The spillover effect of the crash in US market took its toll on the Indian indices in the current trading session. US market came under severe selling pressure on Thursday after US President Donald Trump's fresh tariffs on trading partners sparked fears of a full-blown trade war and a global recession.

The reaction to Trump's 'Liberation Day' announcements spooked the Wall Street with the benchmark indexes logging their biggest one-day percentage losses since 2020. 

Meanwhile, IT indices slipped for the second straight session after Trump announced tariffs on trading partners on April 2. The BSE IT index fell 1,005 points to 33,288 against the previous close of 34,293. 

Similarly, Nifty IT index tumbled 3.16% or 1098 pts to 33,658.  

IT shares have been under pressure in the short term as analysts see additional tariffs on trading partners detrimental to the economic growth of the US. This would affect demand for services of Indian IT companies in that country.

Emkay Global in its report said Nifty may soon hit 21,500 mark on concerns from Trump tariffs to global growth. 

"We see further downside for Indian equities in 1QYF26, notwithstanding the complacent response to the reciprocal tariffs by the US. The direct impact on India may be muted, but the resulting US recession poses a 3% risk to FY26 Nifty EPS and the consequent derating could push the Nifty down to 21,500," said the brokerage. 

On BSE, the midcap index crashed 1,027 pts to 40,769 and the small-cap index  fell 1,281 pts to 46,212. 

Stocks such as Tata Motors, Tata Steel, Sun Pharma, L&T, RIL, IndusInd Bank, RIL led the losers on Sensex, falling up to 5% today. 

Of 30 Sensex stocks, 22 were trading in the red. 

As many as 44 stocks hit their 52-week highs today. On the other hand, 55 shares fell to their 52-week lows on BSE, reflecting weak market sentiment.

Market breadth was deep in the red. Out of 3722 stocks traded, 2630 stocks slipped into losses. Around 913 stocks were trading higher while 179 stocks remained unchanged.

Around 148 stocks hit their lower circuits. On the other hand, 202 shares hit their upper circuits, amid weak sentiment on BSE.

US markets crash 

Overnight, US markets tumbled with NASDAQ Composite Index slipping 1050.44 pts or 5.97% to 16,550 and S&P 500 index ending 274 points lower at 5,396. 

Dow Jones Industrial Average plunged 1,679 points or 4% to 40,545 on Thursday.

S&P 500 lost $2.4 trillion while Nasdaq Composite Index saw its biggest daily fall since March 2020. 

Previous session

Sensex closed 322 pts lower at 76,295 and Nifty ended 82 points lower at 23,250.