As per the provisional closing, the barometer index, the S&P BSE Sensex, tumbled 322.08 points or 0.42% to 76,295.36. The Nifty 50 index shed 82.25 points or 0.35% to 23,250.10.

In the broader market, the S&P BSE Mid-Cap index rose 0.31% and the S&P BSE Small-Cap index added 0.76%.

The market breadth was strong. On the BSE, 2,808 shares rose and 1,176 shares fell. A total of 139 shares were unchanged.

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, shed 0.89% to 13.60.

Trump's Tariff Shock:

US President Donald Trump has announced a sweeping set of reciprocal tariffs, aiming to counter what he calls unfair trade practices. A 10% baseline tariff will be imposed on all imports starting April 5, impacting the United Kingdom, Singapore, Brazil, Australia, New Zealand, Turkey, Colombia, Argentina, El Salvador, United Arab Emirates, and Saudi Arabia. However, around 60 countries deemed worst offenders - those that impose higher tariffs on US goods or create trade barriers'will face significantly steeper tariffs beginning April 9. These include China (54%), the European Union (20%), Vietnam (46%), Thailand (36%), Japan (24%), Cambodia (49%), South Africa (30%), and Taiwan (32%). While Canada and Mexico are exempt from these new tariffs, they remain subject to previous trade measures tied to border security and fentanyl-related concerns.

Additionally, Trump has also announced a 25% tariff on all foreign-made automobiles, set to take effect at midnight on April 3.

Importantly, no new reciprocal tariffs were announced for the pharmaceutical sector. According to a White House fact sheet, drugs and certain other products'some of which are already subject to existing tariffs'will not be affected by the latest levies. However, Trump has hinted that future tariffs on pharmaceuticals, semiconductors, and other sectors may be unveiled at a later date.

India will face a 25% tariff on steel, aluminium, and auto-related goods, and no tariffs on pharmaceuticals, semiconductors, copper, or energy products. For the remaining products, India will be taxed a reciprocal tariff of 27%.

Buzzing Index:

The Nifty IT index tumbled 4.21% to 34,757.25. The index added 0.84% in the previous trading sessions.

Persistent Systems (down 9.84%), Coforge (down 7.78%), Mphasis (down 4.09%), Tata Consultancy Services (down 3.98%) and Tech Mahindra (down 3.79%), HCL Technologies (down 3.78%), Infosys (down 3.49%), LTIMindtree (down 3.44%), Wipro (down 2.77%) and Oracle Financial Services Software (down 2.63%) declined.

Stocks in Spotlight:

Hero MotoCorp fell 0.74%. The world's largest manufacturer of motorcycles and scooters has reported 12% increase in total two-wheeler sales to 549,604 units in March 2025 from 490,415 units sold in March 2024.

Marico rose 0.53%. The company said that during the quarter, it expects gradual improvement in overall consumption sentiment on the back of moderating retail and food inflation as well as forecasts of a normal monsoon.

AU Small Finance Bank (SFB) jumped 4.58% after the bank's total deposits climbed 10.7% to Rs 1,24,270 crore as of 31st March 2025 as compared with Rs 1,12,260 crore as of 31st December 2024.

Bharat Electronics (BEL) added 1.84% after the company has signed a contract with Indian Air Force (IAF) valued at Rs 593.22 crore.

ESAF Small Finance Bank (SFB) rallied 5.44% after the bank announced that its total deposits jumped 17.16% to Rs 23,277 crore as of 31st March 2025 as compared with Rs 19,868 crore as of 31st March 2024.

IDFC First Bank advanced 5.49% after the bank's total business (loans & advances and customer deposits) jumped 22.72% from Rs 4,84,394 crore as of 31 March 2025 to Rs 3,94,718 crore as of 31 March 2024.

Gland Pharma rallied 1.30% after the company received approval from the United States Food and Drug Administration (USFDA) for Acetaminophen Injection, 10 mg/mL (500 mg/50 mL and mg/100 mL) bags.

GE Power India rallied 3.14% after the company secured a purchase order worth Rs 38.2 crore from state-owned NTPC for the supply of generator parts.

Shakti Pumps India advanced 3.05% after the company announced that it has received a Letter of Award (LoA) worth Rs 12.42 crore from the Maharashtra Energy Department Agency (MEDA).

Shilpa Medicare rose 4.03% after the company announced that its marketing partner, Amneal Pharmaceuticals, has launched BORUZU injections.

BORUZU (Bortezomib for injection 3.5mg/1.4ml) is a proteasome inhibitor used for the treatment of multiple myeloma and mantle cell lymphoma. It serves as a reference to the branded product Velcade, which is a lyophilized powder that requires reconstitution before use.

Hariom Pipe Industries surged 6.83% after the company reported 46% jump in sale of value-added products (VAP) to 72,149 MT in Q4 FY25 from 49,260 MT in Q4 FY24.

Global Markets:

US Dow Jones index futures plummeted 1,098 points, signaling a weak opening for Wall Street as markets reacted to President Donald Trump's latest trade offensive. Trump announced a sweeping 10% tariff on all imported goods, with even steeper reciprocal duties for certain nations.

European shares traded lower while Asian markets plunged after U.S. President Donald Trump imposed hefty reciprocal tariffs on over 180 countries and territories - several of which are in the region.

In a bold move, Trump unveiled new trade measures on Wednesday, slapping a 24% reciprocal tariff on Japan, despite its status as one of the United States' closest allies. China faces an additional 34% tariff, adding to the existing 20% levies. Meanwhile, the European Union and others will see tariffs ranging from 20% to 49%.

The broad-based tariffs take effect on April 5, while the country-specific hikes begin on April 9. Notably, Canada and Mexico were exempt from the baseline tariffs due to existing agreements, but they will still be subject to 25% duties on most goods.

Additionally, the White House announced a 25% tariff on foreign-made automobiles and key auto parts, set to take effect on April 3, 2025.

Trump defended the move, citing unfair trade practices and currency manipulation, arguing that the tariffs would revitalize American industries and reduce national debt.

Financial markets responded swiftly, with US stock futures plunging on fears of rising inflation and retaliatory measures from key trading partners. Asian markets also slid as investors scrambled for safe-haven assets, worried that Trump's aggressive trade stance could dent global growth.

Before the tariff announcement, US stocks had a volatile session, with major indices posting gains. The S&P 500 rose 0.7%. The Dow Jones Industrial Average added 0.6%, and the Nasdaq composite climbed 0.9%.

Tesla rebounded, surging over 5%, following reports that CEO Elon Musk may step down from his government advisory role to fully focus on the EV company.

Rivian Automotive slumped 6% after reporting a sharp decline in Q1 deliveries, as demand softens.

Ncino plunged 20% after issuing disappointing guidance, missing Wall Street estimates.

CoreWeave Inc extended its rally, soaring 16%, amid reports that Google is in advanced talks to rent Nvidia AI services from the cloud computing firm.

On the macroeconomic front, the US ADP National Employment Report showed that private payrolls increased by 155,000 in March, following an upwardly revised 84,000 gain in February'a sign that the labor market remains resilient despite economic uncertainties.

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