Closing Bell: Tariffs at play again; Nifty at 22,400, Sensex down 380 pts on policy day

Market Close | Nifty at 22,400, Sensex down 380 points

Indian equity indices ended on a negative note with Nifty at 22,400 on April 9. At close, the Sensex was down 379.93 points or 0.51 percent at 73,847.15, and the Nifty was down 136.70 points or 0.61 percent at 22,399.15.

We wrap up today's edition of the Moneycontrol live market blog, and will be back Friday morning with all the latest updates and alerts. Please visit https://www.moneycontrol.com/markets/global-indices for all the global market action.

Rajesh Sinha, Research Analyst at Bonanza

Today both the Sensex and Nifty-50 closed in the red with Sensex fell by ~380 points to end at 73,847.15, while the Nifty-50 dropped by ~137 points to close at 22,399.15. Today’s fall was largely attributed to escalating global trade tensions, particularly the imposition of a 26% tariff on Indian goods by the U.S., which heightened investor concerns about potential economic impacts. Despite the RBI’s decision to cut interest rates by 25 basis points to stimulate growth, market sentiment remained cautious. The broader market also suffered, with the BSE Midcap and Small cap indices dipping by 0.73% and 1.08%, respectively.

Sector-wise, IT and pharmaceutical stocks were among the hardest hit, with the IT sector declining by 2.3% due to its significant exposure to the U.S. market. Overall, the market's performance was influenced by a global sell-off, with other Asian markets also experiencing significant losses, further exacerbating the negative sentiment in Indian markets.

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Prashanth Tapse, Senior VP (Research), Mehta Equities

Volatility is likely to be the order of the day over next few weeks with a negative bias, as uncertainty caused by the US decision to impose differential import tariffs have pushed investors to reduce equity bets at regular intervals. With local currency taking a huge knock over the past few sessions coupled with renewed FII selling in the current month so far, investors are resorting to caution.

Rupak De, Senior Technical Analyst at LKP Securities

Nifty continues to trade below the upper band of the falling channel and the 21-day EMA, indicating short-term weakness and resistance near 22,500. The RSI shows a bearish crossover, reinforcing the negative momentum. The trend is expected to stay weak below 22,500, with a breakout potentially driving the index to 22,750–22,800. Failure to cross 22,500 may drag it down toward 22,000.

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Ajit Mishra – SVP, Research, Religare Broking

Markets slipped after a brief rebound, losing over half a percent as the choppy trend persisted. Sentiment took a hit following the announcement of fresh U.S. tariffs on China, leading to a gap-down opening and a largely range-bound session thereafter. The outcome of the MPC meeting—where a 25-bps rate cut was announced along with a shift to an accommodative stance—failed to evoke any meaningful market reaction. As a result, the Nifty index closed at 22,399.15, down 0.59%.

On the sectoral front, most indices ended in the red, with IT, pharma, and realty emerging as the top losers. The broader market also faced pressure, with losses ranging from 0.60% to 1%.

The ongoing volatility continues to keep traders cautious, and any near-term relief seems unlikely given the recent tariff-related developments and the onset of the earnings season. Investors will react to the IT major, TCS’s results in early trades on Friday, which could influence market direction initially. Until volatility, as reflected by the elevated India VIX, cools off, we recommend maintaining a hedged approach to navigate potential sharp swings.

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Vinod Nair, Head of Research, Geojit Investments

Global financial markets are witnessing renewed selling pressure following the enactment of reciprocal tariffs. A trade war is escalating global risk, with a rise in U.S. bond yields prompting a sell-off in the world's safe treasury assets.

In India, a cut in the repo rate, along with the adaptation of an accommodative policy stance, is taken as a constructive step. However, it has done little to uplift overall market sentiment, as the world is embracing recessionary risk.

The IT sector continues to lag ahead of Q4 results, which are estimated to be weak. Pharma remains cautious over potential headwinds arising from the imposition of U.S. tariffs on the industry.

On a positive note, domestic focus sectors like FMCG are trading better due to lack of recessionary risk from global slowdown.

Aditya Gaggar Director of Progressive Shares

After the initial decline, the Index remained rangebound for rest of the day, ultimately closing at 22,399.15 with a loss of 136.70 points. Except for the Auto and FMCG sectors, all other sectors ended the session in red, with PSU Banks and IT being the major laggards.

A notable disparity was observed in the broader market, where Midcaps performed in line with the Frontline Index, while Smallcaps underperformed. The support level for the Index remains at 22,270, while the resistance level has shifted lower to 22,530.

Currency Check | Rupee closes 45 paise lower

Indian rupee ended 45 paise lower at 86.69 per dollar on Wednesday versus previous close of 86.24

Market Close | Nifty at 22,400, Sensex down 380 pts on policy day

Indian equity indices ended on a negative note with Nifty at 22,400 on April 9.

At close, the Sensex was down 379.93 points or 0.51 percent at 73,847.15, and the Nifty was down 136.70 points or 0.61 percent at 22,399.15. About 1500 shares advanced, 2241 shares declined, and 138 shares unchanged.

Wipro, SBI, Tech Mahindra, L&T, Trent were among major losers on the Nifty, while gainers included Nestle, HUL, Tata Consumer, Titan Company, Power Grid Corp.

BSE Midcap index was down 0.8 percent and Smallcap index was down 1 percent.

Except Consumer Durables (up 0.3 percent) and FMCG (Up 1.5 percent), all other sectoral indices ended in the red with Realty, IT and PSU Bank down 2 percent each.

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Markets@3 | Sensex down 370 pts, Nifty below 22400

The Sensex was down 372.87 points or 0.50 percent at 73,854.21, and the Nifty was down 137.90 points or 0.61 percent at 22,397.95. About 1220 shares advanced, 2145 shares declined, and 112 shares unchanged.

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Nish Bhatt, Founder & CEO, Millwood Kane International on RBI MPC outcome

The RBI has proven yet again that it is an ahead-of-the-curve central bank. The RBI has not only cut rates to support growth amid global turmoil, but also swiftly changed its stance from 'Neutral' to 'Accommodative'. The policy change indicates the RBI is in a good position to cut rates if needed going forward. The RBI indicating that the inflation is benign, and the economic growth will be non-inflationary going forward, was one of the highlights of the policy.

The RBI has done its part and delivered the much-needed relief to the industry on time. The government should make efforts to engage with the US government to find a solution to the trade tariff issue. The Indian economy remains strong, with key risks of a global slowdown due to trade tariffs, geopolitical tensions, and protectionism.

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The Sensex was down 385.93 points or 0.52 percent at 73,841.15, and the Nifty was down 134.10 points or 0.60 percent at 22,401.75. About 1156 shares advanced, 2161 shares declined, and 118 shares unchanged.

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Markets@1 | Sensex, Nifty trade lower

The Sensex was down 367.12 points or 0.49 percent at 73,859.96, and the Nifty was down 124.20 points or 0.55 percent at 22,411.65. About 1150 shares advanced, 2138 shares declined, and 117 shares unchanged.

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