Stock Market Highlights: Markets crack over 1% on Trump tariff concerns; Nifty breaches 23,200

The Nifty 50 closed the session 340 points or 1.44% lower at 23,179.85 while the Sensex cracked more than 1,300 points or 1.69% to close at 76,107.66.

The market fall has intensified as the closing comes near. Around 3.10 pm, the Nifty 50 was down 1.48% or 347 points at 23,172. The Sensex was down 1,355 points or 1.75% at 76,057.

Trent shares are on a buying spree in Tuesday’s trade. The share price of Trent were up 4.65% at Rs 5,572.60 around 2.15 pm. The stock rose as much as Rs 5,614.95. It was the top gainer in the Nifty 50.

The Nifty IT was trading in the red. It fell more than 960 points or 2.6% to 35,923.50 level. Persistent Systems, Coforge, and HCL Technologies were the three major losers in the Nifty IT.

Zomato‘s shares fell 1% from its highs to Rs 201.18 after it let go of as many as 600 customer support associates within a year of hiring them, according to a news report by Moneycontrol.

HDFC Bank was the major drag for the Nifty 50. It was contributing the highest in the fall of Nifty 50. It was followed by Sun Pharma, Infosys, HCL Technologies, and Hindalco.

The sectoral index Nifty Oil & Gas were trading on a higher note in a weak market, outperforming benchmark indices. It was up marginally by 0.06% to 10,556.35 level.

The share price of IndusInd Bank rose 6.1% to an intra-day high of Rs 689.80. It was the top gainer in the Nifty 50. The surge in the share price came after a news report said that the bank done multiple deals with other banks, transferring highly rated corporate loans in an attempt to shore up liquidity.

Bajaj Finserv, Infosys, HDFC Bank, Shriram Finance, and Bajaj Finance were the major loser in the Nifty 50, dragging markets lower.

Hindustan Aeronautics shares are flying high in Tuesday’s trade after the company received two orders from the Ministry of Defence worth Rs 62,700 to supply 156 Light Combat Helicopters Prachand to the Indian Army and Indian Air Force.

Given the current market volatility, Shrikant Chouhan, Head Equity Research, Kotak Securities suggests that, “The strategy should be to reduce weak long positions if the Nifty closes below the level of 23350 level or at bounces back to the 23700-23800 levels.

For the Bank Nifty, a close below the 200-day SMA or 51000 could alter the sentiment. If this occurs, the likelihood of hitting 50500-50400 would increase.”

Ola Electric registered 23,430 units in March 2025 (as per the VAHAN portal), as per an exchange filing. As shared earlier, the shift to in-house vehicle registrations in February led to temporary disruptions. While the transition continues, daily registration volumes and backlog clearance are steadily improving, said OLA Electric.

Globally markets are focused on the details of Trump’s reciprocal tariffs to be announced tomorrow, said VK Vijayakumar, Chief Investment Strategist at Geojit Investments. “The market trends after the announcements will depend on the details of the tariffs and how they will impact different countries and sectors.”

The Nifty 50 opened 146 points or 0.62% lower at 23,373 while the Sensex declined 543 points or 0.70% at 76,872.

The Wall Street majorly advanced on Monday as investors awaited clarity on Trump’s tariff plans. The S&P 500 rose 0.55%, closing at 5,611.85. The Nasdaq Composite lost 0.14%, ending the session at 17,299. The Dow Jones Industrial Average added 418 points, or 1%, to close at 42,001.76.

The Indian government is set to increase its stake in Vodafone Idea to approximately 48.99% following the conversion of outstanding spectrum auction dues into equity shares, the company said on March 30. The Ministry of Communications directed the company to issue equity shares worth Rs 36,950 crore to the government via an order dated March 29.

According to Motilal Oswal, The Government of India (GoI) has approved the conversion of Vi’s upcoming spectrum dues repayment into equity, in line with the provisions in 2021 telecom relief measures. However, they believe this measure can bring some medium-term cash flow ease, “but stabilization of its subscriber base, longpending debt raise, and further relief on AGR dues remain vital for Vi’s long-term survival. “

Motilal Oswal retained the Sell rating on Vi with a revised target price of Rs 6.50/share. They remain Neutral on Indus Towers and added that they would use any bounce to reduce exposure.

The share price of ITC remains in focus today after it acquired the pulp and paper business of Aditya Birla Real Estate. The company used to operate by the name of Century Pulp and Papers.