Indian share market is set to open lower for the second straight session on Friday, tracking sharp selling in Asian peers after U.S. stocks posted their largest single-day percentage loss overnight. The negative trend in GIFT Nifty Futures also indicated a weak start for equity benchmarks Sensex and Nifty50. As of 8:20 AM, GIFT Nifty Futures were down 96 points, 0.41%, at 23,217.

Globally, equity markets were reeling under selling pressure amid concerns over an economic slowdown and trade war sparked by U.S. President Donald Trump’s reciprocal tariffs. The IMF has warned that Trump's tariffs pose a “significant risk to the global outlook” amid sluggish economic growth. According to experts, the U.S. tariffs of 27% is a negative for India, however it is relatively less impacted than other Asian countries, which is like a thin silver lining in a dark cloud.

On Thursday, Indian equity benchmarks Sensex and Nifty closed down by 0.4%, but outperformed Asian peers, as sentiments were dented by Donald Trump’s tariff announcements. The strong rally in pharma stocks, after U.S. government exempted pharmaceuticals from higher reciprocal duty, helped domestic market offset losses in IT and auto sectors.   

The BSE Sensex closed 0.42% lower at 76,295 points, while the Nifty50 settled at 23,243 points, down 0.38% from the previous close. The broader markets outperformed benchmark indices, with the Nifty Midcap 100 index gaining 0.26% and the Nifty Smallcap 100 index surging 0.58%.

Trump tariffs wipe $2.5tn off Wall Street

In the overnight trade, Wall Street witnessed sharp selling, with all three major U.S. indices logging their largest single-day percentage losses since 2020 amid recession fears. The Dow Jones Industrial Average crashed 3.98%, while the S&P 500 plunged 4.84%, registering their biggest daily percentage declines since June 2020. On the other hand, the Nasdaq Composite closed 5.97% lower, posting its biggest daily fall since March 2020. The sell-off in U.S. stock market wiped out about $2.5 trillion of investors' money, triggered by President Donald Trump’s aggressive reciprocal tariffs on all countries that impose tariffs on U.S. products.

Asia markets extend fall after U.S. stocks register biggest loss in 5 yrs

Share markets in Asia-Pacific region posted further losses on Friday, tracking bearish cues from U.S. markets, which recorded their worst single-day losses in five years overnight. Japan’s Nikkei index tumbled 2.6%, adding to a fall of 2.77% on Thursday. The broader Topix index was down 2.3%, after losing 3.08% in the previous session. Australia’s ASX 200 index closed 1.8% lower, after hitting eight-month low of 2% during the session. Among others, South Korea’s KOSPI declined 0.5%, while Singapore’s Straits Times plunged 2.5%.

Stocks to watch

Q4 business update: Shares of HDFC Bank, Vedanta, RBL Bank, Avenue Supermarts (DMart), Bajaj Finance, L&T Finance, Adani Wilmar, and Bandhan Bank will be in focus as they unveiled their Q4 business update.

Jupiter Wagons: The company’s subsidiary, Jupiter Tatravagonka Railwheel Factory Pvt. Ltd. (JTRF), has secured land in Haldiapada, Khordha, Odisha, for its upcoming railwheel & axle forging plant.

Ola Electric: The EV company has started an initiative for same-day registration and delivery of vehicles.

UltraTech Cement: The board of Aditya Bilra Group company has approved the acquisition of Wonder WallCare, a subsidiary of Wonder Cement, at an enterprise value of ₹235 crore.

Mazagon Dock Shipbuilders: The central government is planning to sell up to a 4.83% stake in the company at a floor price of Rs 2,525 per share via an offer-for-sale (OFS) on April 4 and April 7.

Paras Defence and Space Technologies: The defense company has signed a strategic pact with Israel-based MicroCon Vision (part of Controp and the Rafael Group).

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