Indian stock markets opened to a bloodbath on Monday, with benchmark indices suffering one of their steepest declines in recent months. The BSE Sensex crashed 3,939.68 points, falling sharply below the 71,500 mark, while the NSE Nifty plummeted by 1,160.8 points, slipping under the psychological 22,000 level and further breaching the 21,800 support zone in early trade.
The dramatic sell-off dragged all major indices into deep red, as panic gripped investors following the announcement of fresh tariffs by U.S. President Donald Trump, sparking fears of a renewed global trade war. The ripple effect was seen across Asian markets, where Japan even halted futures trading temporarily after hitting circuit breakers.
Back home, India’s Volatility Index (VIX) surged over 50.5%, signaling heightened investor anxiety. The Nifty 50 and Sensex both opened the day nearly 4.5% lower, with sectors such as IT, pharma, and metals bearing the brunt of the sell-off.
Pre-market indicators, including a sharp fall in Gift Nifty, had already hinted at a turbulent start to the trading session, aligning with the negative cues from global markets.
This downturn follows a rough patch for the markets last week, when both indices snapped a three-week winning streak. The Sensex lost 2,050.23 points, or 2.64%, while the Nifty dropped by 614.8 points, closing the week on a cautious note.
Market experts anticipate further downside pressure. Prashanth Tapse, Senior VP (Research) at Mehta Equities, warned that Nifty’s key support lies at 21,281, and traders should prepare for additional weakness. “With the RBI’s interest rate decision scheduled for April 9 and TCS’s earnings report on April 10, the mood remains extremely cautious. Sell-on-rise strategies are recommended, particularly for Nifty, Bank Nifty, and stocks such as Coal India, M&M Financial, and M&M,” he added.
As investors await domestic cues and assess global volatility, the Indian market braces for what could be a week of heightened turbulence.