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The S&P 500 was down 4.2% in afternoon trading, more than other major stock markets, and at its bottom in the morning was on track for its worst day since Covid struck in 2020. The Dow Jones Industrial Average was down 1,394 points, or 3.3%, as of 2:09 p.m. Eastern time, and the Nasdaq composite was 5.3% lower.

The US reciprocal tariffs on India Inc will have a twofold impact, benefiting some Indian exporters compared to higher tariffs on Asian countries while potentially increasing dumping from affected nations. Key sectors like automobiles, auto ancillaries, and gems and jewellery may face mixed effects, including cost pressures and reduced competitiveness in the US market.

The Nifty IT index tumbled 4.2% - the biggest loser among sector indices. Shares of Persistent Systems plunged 10%, while Coforge dropped nearly 8%. TCS, Infosys, Wipro, Mphasis, LTIMindtree, and HCL Technologies declined between 3% and 4%.

NSE s Nifty fell 82.25 points, or 0.35%, to close at 23,250.1. BSE s Sensex declined 322.08 points, or 0.4%, to end at 76,295.36. Both had fallen as much as almost 1% earlier in the day.

The Indian rupee strengthened to 85.43 per dollar as the dollar index fell to a six-month low of 101.5. Concerns over US trade policy impacting growth reduced the dollar s safe haven status. President Trump announced 26% tariffs on US imports from India. Inflows into Indian debt and mild dollar sales from oil companies supported the rupee s appreciation.

Equities tumbled from Asia to Europe to the US as investors were taken aback by the magnitude of the tariffs. US equities and the dollar bore some of the worst selling on speculation the president s trade offensive will stunt the American economy.

Bids offered for this OMO were worth ₹80,820 crore, against the notified amount of ₹20,000 crore, RBI data showed. On the other hand, after reviewing liquidity conditions, the

The domestic market ended slightly lower due to weak global cues amid major news developments. Highlighted stocks include HDFC Bank, Mazagon Dock, Bajaj Finance, DMart, and UltraTech Cement, with significant updates on stake proposals, acquisitions, financial performance, and quarterly results influencing market movements.

Shares of Indian pharmaceutical companies surged on Thursday after the US exempted the sector from new trade tariffs. The Nifty Pharma index rose by 2.3%, with major gains for IPCA Laboratories, Lupin, Sun Pharmaceutical, and Cipla. Analysts see growth potential and recommend investing in pharma stocks.

The US has criticized India s financial industry policies, highlighting favourable treatment towards domestic firms like LIC and data storage requirements hampering foreign payment companies. The report also mentions barriers for foreign banks and insurers, unequal opportunities for foreign reinsurers, and lack of enforcement of market share limits for foreign digital payment firms.