GUWAHATI: Indian stock markets opened lower on Thursday, April 3, following U.S. President Donald Trump’s announcement of a 26% reciprocal tariff on Indian imports. The BSE Sensex dropped by 564 points (0.74%) to 76,053, while the Nifty 50 fell 138 points (0.59%) to 23,193 in early trading. As the session progressed, the Sensex remained down by 350 points, and Nifty hovered around 23,300.
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The tariff, introduced under Trump’s "Liberation Day" initiative, includes a universal 10% duty on all U.S. imports, with specific higher levies targeting major trade partners—34% on Chinese goods, 46% on Vietnamese products, and 26% on Indian imports.
The announcement has raised concerns over India's trade relations with the U.S., particularly its impact on key export sectors such as automobiles, pharmaceuticals, electronics, IT, and jewellery.
In early trading, major Nifty 50 gainers included Dr. Reddy’s Laboratories, Sun Pharma, Cipla, NTPC, and PowerGrid. On the other hand, HCL Tech, Infosys, TCS, Bajaj Auto, and Tech Mahindra saw declines. Pharma stocks, heavily reliant on U.S. trade, suffered steep losses, while IT firms faced pressure amid fears of declining outsourcing demand. Banking stocks also remained volatile due to broader economic uncertainty.