Stock Market Crash: Sensex Plunges 519 Points, Nifty Below 23,200

India’s benchmark indexes experienced steep fall in early morning trade on Thursday, April 3, 2025 after US President Donald Trump declared global reciprocal tariffs last night-a move that is likely to intensify global trade war. Sensex declined 519 points or 0.68% to 76,098 and Nifty slipped 142 points or 0.61% to 23,190 at 9:20 am on Thursday. Nifty Bank fell 229 points to 51,118 and Nifty Midcap slid marginally by 13.85 points to 51,996 at the time of writing the story.

Shares of Persistent Systems Ltd, Dabur India Ltd., Coforge, Mphasis Ltd, and SRF Ltd turned out to be laggards with decline of up to 6.6%. Meanwhile, Gland Pharma Ltd, Welspun Living, Emcure Pharmaceuticals, Aurobindo Pharma, Lupin Ltd, Dr Reddy’s Laboratories Ltd, Zydus Lifesciences Ltd turned out to be major gainers with surge of up to 8.9%.

Earlier in the day, Gift Nifty traded lower near the 23,000 mark and indicated a gap down start for BSE Sensex and Nifty 50. It has come after US President Donald Trump declared 26% tariff on imports from India. Currently, 26% tariff, stock market crash, and Gifty Nifty emerged as the top trending news on X platform (formerly Twitter).

Donald Trump said the rate was calculated on the basis of cumulative tariffs, that included non-monetary barriers, levied by a nation on American goods. On the basis of this calculation, the US President said India levies a 52% tariff on goods from the US. It is worth mentioning that pharma exports have been exempted from the reciprocal tariffs and it directly provided relied to leading pharma companies in India. These companies are Sun Pharma, Dr Reddy, Zydus Lifesciences, Aurobindo Pharma, Lupin, and Emcure Pharmaceuticals. The stocks of these companies also witnessed sharp rally on the bourses.

Copper, bullion, steel, energy and a few minerals that do not have availability in the US will also be exempted from reciprocal tariffs.

Meanwhile, Dow futures declined sharply by 1,00 points, S&P 500 fell 3.5%, and Nasdaq futures slipped 4.5%. On the other hand, Asian markets also witnessed steep decline after the reciprocal tariff announced by the US President.

The MSCI’s broader index of Asia-Pacific shares slipped over 1%. Earleir, Japan’s Nikkei dived to its 8-month low and ended 3% lower as it managed to recover some losses. The Topix index plunged 3.1%. When it comes to Chinese markets, CSI300 index slipped 0.24% and Shanghai Composite index fell 0.1%. South Korea’s Kospi index edged 1.57% lower, and Kosdaq declined 0.55%. Meanwhile, Hong Kong’s Hang Seng index fell 2%. Australia’s S&P/ASX 200 fell 1.6% and Euro Stoxx 50 futures dipped 1.6%.

It is worth noting that Rupee slipped 26 paise to 85.78 against the US Dollar in morning trade on April 3, 2025.

Disclaimer: The story highlights share market decline and should not be considered as investment advice by the Moneydaily.in or the Author. Moneydaily.in and the author will not be held responsible for any losses caused as a result of decisions based on the above information. Moneydaily.in advises readers to do their own research or consult a SEBI registered investment advisor before making any investment decisions.