There was chaos in the stock market on Tuesday. The stock market closed in red mark at 3.30 pm. The Sensex fell 1,307 points to close at 76,107.66. While the Nifty fell 339 points to close at 23,179.85. On the first trading day of the new financial year, Indian stock markets recorded a sharp decline of more than 1 percent. The reason for this was widespread apprehensions about the ‘mutual tariff’ proposed by US President Donald Trump, affecting the perception of investors.
Fear of tariff
Along with the global markets, the Indian stock markets are trading in cautious environment regarding the impact of Trump’s possible tariff scheme. According to Motilal Oswal’s technical research head Ruchit Jain, “Indian markets remained closed on Monday, while global markets saw a decline. Its impact is being seen in the domestic market today.” He said that the Nifty could get support around the 20 -day EMA 23,100.
Global signal
The Asian markets lost the initial lead and mixed mixed business, while the Wall Street futures were weak. Japan’s Nikkei fell 0.01% while South Korea’s Kospi rose 1.5%. Wall Street started low on Monday, but S&P 500 and Dow Jones closed at the end of the day with a gain of 0.55% and 1% respectively. However, Nasdaq 100 declined by 0.14%.
It is expected that Trump will announce a tariff at the Rose Garden of the White House on Wednesday, which will be applicable from April 2. In view of this, there is uncertainty and instability in the markets. VK, the main investment strategist of Geojit Investments, said that the direction of the market would depend on which areas and countries are affected by these tariffs.
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