Stock Market Highlights: Traders Lose Over Rs 3 Lakh Crore Market Cap As Benchmarks Fall On Weak Global Cues

The NSE Nifty 50 and BSE Sensex continued to decline as anxiety about the future of global trade system prevailed due to US President Donald Trump's aggressive tariff policies. Rout in global markets also seeped into Indian markets. Reliance Industries Ltd. and Larsen & Toubro Ltd. share prices declined.

The Nifty 50 ended 1.495% or 345.65 points down at 22,904.45, and Sensex ended 1.22% or 930.67 points lower at 73,364.69. During the session, the Nifty 50 declined as much as 1.62% to the day's low of 22,874.40, and the Sensex fell 1.325% to the day's low of 75,286.29.

The market-cap of Nifty 50 companies declined Rs 3.24 lakh crore to Rs 181.48 lakh crore.

"Global equity markets witnessed a sharp selloff in the aftermath of the US imposing reciprocal tariffs on most major economies. Indian indices outperformed, as Indian markets did not react as much as other markets yesterday, following the news flows on tariffs," said Shrikant Chouhan, head, equity research, Kotak Securities. "India saw tariff of 26%, lower than most countries. The bigger concern will be risks of retaliatory tariffs, which could impact global trade and investment, US and global growth and inflation."

Shares of Reliance Industries Ltd., Larsen & Toubro Ltd., Infosys Ltd., Tata Steel Ltd., and Tata Consultancy Services Ltd. weighed on the Nifty 50.

While those of HDFC Bank Ltd., ICICI Bank Ltd., Bajaj Finance Ltd., Tata Consumer Products Ltd., and Axis Bank Ltd. added to the index.

On NSE, 13 out of 15 sectoral indices ended lower, one higher, and one flat. The NSE Nifty Metal declined the most to become the worst performer. The NSE Nifty Finance rose the most.

Broader markets underperformed benchmark indices. The BSE Midcap and Smallcap indices ended 3.01% and 3.42% down, respectively.

On BSE, all 21 sectoral indices ended lower with BSE Industrial declining the most.

The market breadth was skewed in the favour of sellers. Around 1,837 stocks declined, and 267 advanced on NSE.

On a weekly basis, the Nifty and Sensex snapped a two-week winning streak. The Nifty 50 and Sensex ended 2.61% and 2.65% down, respectively in the week ended April 4.

This week on NSE, 11 sectoral indices ended lower, and four advanced. The NSE Nifty IT declined the most, while the NSE Nifty Media rose the most.