Today, benchmark Indian equity indices faced pressure due to Trump’s announcement of a 10% baseline tariff on US imports, including additional tariffs on countries with a trade surplus. India now faces a 27% reciprocal tariff, which has caused some concern among investors. As a result, the BSE Sensex dropped by 322.08 points, or 0.42%, settling at 76,295.36. The index traded between 76,493.74 and 75,807.55 throughout the day.
The NSE Nifty50 also saw a decline, closing 0.35% lower at 23,250.10, down by 82.25 points from its previous close.
The Nifty Smallcap100 index outperformed the broader market, gaining 0.58%, showing some resilience in the market.
Impact on the stock market
The broader market felt the impact of sectoral movements:
The Nifty IT index was the top laggard today, falling by 4.21%, primarily dragged by stocks like Persistent Systems, Coforge, TCS, and Mphasis. Auto, Oil & Gas, and Realty stocks were also among the underperforming sectors today.
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| Sector/Index | Performance |
| IT & BPM sector | -4.21% |
| Healthcare sector | 1.98% |
| Oil & Gas sector | -0.49% |
| Real estate sector | -0.10% |
| PSU Bank in India | 1.94% |
Top gainers today
| Company | Price | Change % |
| Power Grid Corp Share Price | 299.10 | 4.31 |
| Sun Pharma Share Price | 1,770.00 | 3.29 |
| UltraTechCement Share Price | 11,606.60 | 3.16 |
| Cipla Share Price | 1,495.70 | 2.98 |
| Shriram Finance Share Price | 654.15 | 2.31 |
Top losers today
| Company | Price | Change % |
| TCS Share Price | 3,403.15 | -3.97 |
| Tech Mahindra Share Price | 1,369.35 | -3.77 |
| HCL Tech Share Price | 1,470.10 | -3.76 |
| Infosys Share Price | 1,496.50 | -3.46 |
| ONGC Share Price | 243.31 | -2.92 |
Market aftermath: Impact on stocks
Sonata Software stock hits 52-week low
Sonata Software shares saw a notable decline, hitting a 52-week low of Rs 342.25. The stock was down by 2.63%, reflecting bearish sentiment among investors. Sonata Software’s performance has been sluggish, with investors closely monitoring its financial results. Over the past year, Sonata Software has faced challenges, and today’s dip underscores the market’s concerns about its short-term trajectory.
- Revenue (Mar 2024): Rs 2,191.61 Cr
- Net Profit (Dec 2024): Rs 105.01 Cr
- EPS (Dec 2024): Rs 3.78
Sonata’s financial performance shows some inconsistency, contributing to the downward pressure on its stock.
Balkrishna Industries sees a 3.29% drop
Balkrishna Industries also saw a notable decline, dropping 3.29% to Rs 2,485.25. The sharp downturn in the stock is accompanied by increased trading volumes, which indicate that institutional investors are actively participating in the stock. Investors are concerned about the changing market sentiment around Balkrishna Industries, and the sharp drop suggests that the company might be struggling to maintain investor confidence.
Bank of India surges 5.10%
On the flip side, Bank of India saw a strong performance, gaining 5.10% to reach Rs 117.54. The upward movement came amid a strong financial performance and high trading volumes, which exceeded its 5-day average. The bullish sentiment surrounding the stock is backed by the consistent growth in key metrics:
- Revenue (Dec 2024): Rs 18,317 Cr
- Net Profit (Dec 2024): Rs 2,558 Cr
- EPS (Dec 2024): Rs 5.79
The strong earnings report for the last quarter has boosted investor confidence, making Bank of India one of the few gainers in today’s market.
Crude oil futures sink
In commodity markets, crude oil futures saw a significant decline today following Trump’s tariff announcement. April crude oil futures on the Multi Commodity Exchange (MCX) were down by 2.20%, trading at ₹6,012, compared to ₹6,147 in the previous session. The global market reacted to concerns about the potential escalation in trade disputes and its impact on global demand for energy commodities.
- April crude oil futures: ₹6,012 (down 2.20%)
- May crude oil futures: ₹5,993 (down 2.14%)
The tariff announcements by Trump have led to concerns over reduced energy demand, particularly with the retaliatory measures expected from other countries. Crude oil prices were further pressured by an increase in US commercial crude inventories, as reported by the EIA, which further dampened market sentiment.
Conclusion
Today’s market performance highlights the mixed sentiment among investors, with global concerns about tariffs weighing on the market. While some stocks like Bank of India posted gains, many others, particularly in the IT sector like TCS and Infosys, faced significant declines. Additionally, Sonata Software and Balkrishna Industries witnessed a downturn amid bearish sentiment and increasing trading volumes.
In the global commodities market, crude oil futures took a hit due to concerns over reduced demand and growing trade tensions. As we move forward, market participants will continue to monitor these developments closely, especially as the tariffs are implemented and their real-world effects become clearer.
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