Market Wrap, April 7: Black Monday as SENSEX crashes 2,227 pts, NIFTY50 plunges over 3%; Trent shares decline 14%

The Indian stock market on Monday, April 7, crashed as much as 3% following a global stock market rout as the tariff war escalates.  

At close, the S&P BSE SENSEX settled at the 73,137.90 level, plunging 2,226.79 points, or 2.95%, while the NSE's NIFTY50 index closed at 22,161.60, crashing 742.85 points, or 3.24%.

During the intraday period, NIFTY50 had touched a low of 21,743.65, while BSE SENSEX had hit a low of 71,425.01.

The market breadth remained in favour of bears as 2,640 stocks declined out of 3,036 traded on NIFTY50.

BSE-listed firms erased ₹13 lakh crore in market capitalisation on Monday. Market capitalisation of NSE-listed companies lost ₹14.27 lakh crore as it stood at ₹386.83 lakh crore by the end of the session.

All the sectoral indices closed in red, with metal, realty, pharma, and IT being the worst hit.

The broader market also underperformed as both the midcap and smallcap gauges tanked over 3.6%.

The decision of the six-member Monetary Policy Committee (MPC) headed by Governor Sanjay Malhotra will be announced on Wednesday.

Last week, the foreign investors withdrew ₹10,355 crore from the country's equity markets. According to the data, FPIs have pulled out ₹10,355 crore from Indian equities in the last four trading sessions (from April 1 to April 4).

Globally, following last week's two-day meltdown on Wall Street, Asian markets plunge as tariff fallout intensifies.

Tokyo's Nikkei 225 index lost nearly 8% shortly after the market opened on Monday. By midday, it was down 6%. Hong Kong's Hang Seng dropped 9.4%, while the Shanghai Composite index was down 6.2%, and South Korea's Kospi lost 4.1%.

Elsewhere, European shares dropped in early trading, with Germany's DAX falling 6.5% to 19,311.29. In Paris, the CAC 40 shed 5.7% to 6,861.27, while Britain's FTSE 100 lost 4.5% to 7,694.00.

The US markets on Friday faced another bad day as major indices settled around 6% lower. The broad-based S&P 500 closed down 6%. The tech-heavy Nasdaq Composite dropped 5.8%. The Dow Jones Industrial Average fell more than 2,200 points, or about 5.5%.

As many as 3,036 stocks traded on the NSE on Monday. Out of this, 2,640 declined, and only 327 stocks advanced, while 69 scrips remained unchanged.

A total of 645 stocks hit their 52-week lows, while only 18 stocks touched their one-year highs. Besides, 384 stocks hit their lower circuit limits, and only 26 touched their upper circuit bands on Monday.

NSE-listed firms market capitalisation stood at ₹386.83 lakh crore at the end of the session.

The volatility index India VIX soared 65.70% to 22.79 levels.

The broader market witnessed a steep rout as Nifty Midcap 100 tanked 3.63% to the 48,809.45 level, while Nifty Smallcap 100 declined 3.88% to the 15,067.90 mark.

All the sectoral indices settled in red, with Nifty Metal declining the most by 6.75%. Nifty Realty (-5.69%), Nifty Media (-3.94%), Nifty Auto (-3.78%), Nifty Midsmall IT and Telecom (-3.75%) and Nifty Financial Services 25/50 (-3.66%) were the other top losers on Monday.

Nifty IT (-2.51%), Nifty Pharma (-2.75%) and Nifty Private Bank (-3.47%) were other impacted sectors.

As many as 48 stocks on NIFTY50 closed negative, and only 2 settled in green.

Trent, JSW Steel, Tata Steel, Hindalco and Tata Motors were the biggest losing stocks on the NIFTY50 index, plunging as much as 14.70%.

Hindustan Unilever and Zomato were the only two scrips closing in green, gaining 0.24% and 0.22%, respectively.

The stock plunged as much as 19.32% to ₹4,488 per share on the National Stock Exchange (NSE). Its market capitalisation stands at ₹1,62,649.73 crore.

Tata Steel on Friday said it has received an order for reassessing taxable income for the financial year 2018-19 and increasing the taxable amount by over ₹25,000 crore, and the company has moved the Bombay High Court against the reassessment.

At close, Siemens shares settled at ₹2,832 apiece, plunging 42.53% on NSE.