Taking Stock: Nifty at 23,250, Sensex falls on Trump tariff, IT sinks on growth fear but pharma exempted

Markets ended on a mixed note as investors weighed the impact of Trump tariffs across sectors.

A volatile session on Dalal Street ended lower on April 3, amid weakness in global markets following higher-than-expected tariff from US President Trump, which triggered selloff in IT, while pharma bucked the trend.

Shares of IT services players were hit hard over growth concern and fears of client spend being impacted, while pharma shares buck the trend after being excluded from the reciprocal tariffs.

At close, the Sensex was down 322.08 points or 0.42 percent at 76,295.36, and the Nifty was down 82.25 points or 0.35 percent at 23,250.10. Broader indices outperformed the benchmarks, with BSE Midcap index rising 0.3 percent and Smallcap index adding 0.7 percent in trade.

Also Read: Trump's tariff to hurt sectors most-exposed to US, as market experts assess vulnerable pockets

TCS, HCL Technologies, Tech Mahindra, Infosys, ONGC were among major losers on the Nifty, while gainers included Power Grid Corp, Sun Pharma, UltraTech Cement, Cipla, Shriram Finance.

On the sectoral front, IT index shed 4 percent, auto index slipped 1 percent, while pharma index added 2 percent, PSU Bank index rose 1.9 percent, power index jumped 1.8 percent.

Outlook for April 4

Rupak De, Senior Technical Analyst at LKP Securities

Index	Prices	Change	Change%
Sensex	71,947.55	-1,635.67	-2.22%
Nifty 50	22,331.40	-488.20	-2.14%
Nifty Bank	50,275.35	-1,999.25	-3.82%

Nifty 50 22,331.40 -488.20 (-2.14%)

Mon, Mar 30, 2026

• 1D
• 5D
• 1M
• 3M
• 6M
• 1Y
• 2Y

Biggest Gainer	Prices	Change	Change%
Hindalco	884.45	17.75	+2.05%

Biggest Loser	Prices	Change	Change%
Bajaj Finance	801.55	-42.25	-5.01%

Best Sector	Prices	Change	Change%
Nifty Metal	11138.40	-23.25	-0.21%

Worst Sector	Prices	Change	Change%
Nifty PSU Bank	7873.45	-376.00	-4.56%

The Nifty opened lower following weak global cues but recovered immediately. Sentiment remains strong as the Indian market showed resilience despite weak global equity trends led by Trump's tariffs.

Short-term support is placed at 23,100, and as long as the Nifty stays above this level, the trend is likely to remain strong. On the higher end, it may move towards 23,430, and a decisive move above this level could trigger a stronger rally.

Ajit Mishra – SVP, Research, Religare Broking

Markets ended slightly lower on the weekly expiry day, largely weighed down by weak global cues. The Nifty index opened lower in response to the US tariff announcements but saw some recovery due to resilience in select heavyweight stocks. This helped trim losses in early trades, leading to a range-bound session before closing at 23,250.10.Sectoral trends remained mixed, keeping traders engaged—pharma and banking, particularly PSU banks, outperformed, while IT and auto sectors lagged. Broader markets, however, maintained their strength, with both midcap and smallcap indices closing in the green.

The market’s measured response to the US tariffs reflects expectations of ongoing trade discussions between India and the US, as well as the possibility of higher tariffs impacting other countries more significantly, limiting the impact on Indian exports.

From a technical perspective, traders should closely monitor the 20-day exponential moving average (DEMA) at 23,100. A break below this level could intensify selling pressure, potentially dragging the index toward 22,800. Conversely, holding above this level would likely sustain the range-bound movement. Amidst this consolidation, selective pockets across sectors are showing strength. Until a clear directional move emerges, the focus should remain on stock-specific opportunities.

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