The BSE Sensex nosedived by 2,226.79 points to close at 73,137.90, marking a 2.95% drop, while the Nifty 50 plunged 742.85 points to end at 22,161.60, down 3.24%. This was the sharpest intraday fall since June 2024.
It was a bloodbath, with ₹16 lakh crore in investor wealth wiped out in just a single trading session.
The crash was sparked by the escalating trade tensions between the US and China, following former US President Donald Trump’s announcement of steep tariffs. The fear of a global slowdown sent shockwaves across global markets, and India wasn’t spared.
The panic was reflected in the India VIX, the domestic fear gauge, which soared 66% to 22.85, showing just how rattled investors were. Out of 4,000 actively traded stocks, over 3,372 declined, while only 559 advanced, showing a clear sentiment of mass selloff.
Midcap and Smallcap Index also declined sharply, with both Nifty Midcap100 and Smallcap100 losing over 4%. These segments, often lacking geographical and product diversification, are considered more exposed to downturns and demand shocks.
Impact on the stock market
Nifty Metal: Down by 6.75%, this was the worst-hit index. Major drags included Tata Steel (-7.16%), JSW Steel, and Hindalco. The sector’s global exposure made it particularly vulnerable to trade war fallout.
Nifty Realty: Dropped by 5.69% as recession worries loomed over discretionary spending and new housing demand.
IT, Auto, Bank, Pharma, and Infra: All these sectors fell between 3% to 4%, reacting to fears of lower global demand, tightening consumer sentiment, and a weaker investment environment.
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| Sector/Index | Performance |
| IT & BPM sector | -2.51% |
| Healthcare sector | -2.81% |
| Oil & Gas sector | -2.79% |
| Real estate sector | -5.69% |
| PSU Bank in India | -2.84% |
Top gainers today
| Company | Price | Change % |
| HUL Share price | 2,249.40 | 0.22 |
Top losers today
| Company | Price | Change % |
| Trent Share price | 4,740.95 | -14.77 |
| Tata Steel Share price | 129.48 | -7.77 |
| JSW Steel Share price | 930.30 | -7.50 |
| Hindalco Share price | 561.80 | -6.36 |
| Shriram Finance Share price | 614.00 | -6.06 |
Market aftermath: Impact on stocks
Mazagon Dock Shipbuilders: A steep fall below OFS floor price
Shares of Mazagon Dock Shipbuilders crashed nearly 10% today, trading at ₹2,294, which is 9% below the floor price of the government’s Offer for Sale (OFS) set at ₹2,525 per share.
This drop was not just about the broader market gloom. The government’s announcement to offload up to 4.83% stake added pressure. In the last five sessions, the stock has fallen more than 13%, and it now trades 22% lower than its 52-week high. It was also among the top losers on the Nifty India Defence Index, which was itself down by over 6%.
Also read: Mazagon Dock Shipbuilders Outlook for FY25
Bajaj Housing Finance: Strong numbers, weak sentiment
On any other day, this would’ve been good news. Bajaj Housing reported a 26% YoY growth in AUM, hitting ₹1.14 lakh crore in Q4 FY25. Loan assets rose to ₹99,500 crore, and gross disbursements surged to ₹14,250 crore—a solid 25% jump from last year.
But none of this could save the stock today. It fell nearly 5% to trade around ₹115, as the market sentiment overshadowed even the most positive business updates. A stark reminder that in bear markets, even strong fundamentals sometimes get ignored.
Siemens India: Spinoff chaos and a 20% bounce
In an unexpected twist, Siemens India shares surged 20% as the company went ex-demerger for its energy business. Shareholders were allotted one share of Siemens Energy India for every Siemens India share held.
However, the newly listed Siemens Energy didn’t get the warmest welcome, plunging 39% on debut. The price discovery mechanism adjusted for the difference between Siemens India’s April 4 closing and the new entity’s market valuation.
While this sort of volatility is typical during demergers, the big bounce in Siemens India shows that investors are bullish on the parent company’s future sans energy operations. Passive funds like MSCI and FTSE are yet to reflect any adjustments, but retail and institutional action today was clearly visible.
Crude oil futures sink
It wasn’t just stocks feeling the heat. Crude oil futures dropped over 2%, reflecting concerns that a global recession could crush energy demand.
- Brent crude: $63.88, down 2.59%
- WTI crude: $60.37, down 2.61%
- MCX April crude futures: ₹5,189, down 2.3%
- Natural gas: ₹322.70, down 2.27%
The crude crash follows a week of steep decline (over 10%) after reciprocal tariffs from the US and China rattled energy markets. China, being one of the world’s biggest oil importers, plays a massive role in setting demand expectations.
Conclusion
Today’s market chaos is a classic reminder of how fast sentiments can shift. In a single day, we saw:
- ₹16 lakh crore in value erased.
- All 30 Sensex stocks ended in red.
- Even good performers like Bajaj Housing have been dragged down.
But as a market expert advises, don’t panic. If anything, this correction could be a good time to accumulate quality stocks, especially in domestic-focused sectors like consumption, banking, and financials.
For more stock market insights, check out the StockGro blog.
