Benchmark indices Sensex and Nifty settled lower on Thursday due to selling in IT and Teck shares and a global sell-off as US President Donald Trump unveiled reciprocal tariffs on 60 countries, including India.
The 30-share BSE Sensex declined by 322.08 points or 0.42 per cent to close at 76,295.36.
During the session, it plunged 809.89 points or 1.05 per cent to hit an intraday low of 75,807.55 but recovered some of the losses as pharma shares advanced.
The broader NSE Nifty fell 82.25 points or 0.35 per cent to settle at 23,250.10.
The index declined by 186.55 points or 0.79 per cent to a low 23,145.80 in early trade but later pared some losses.
"The Nifty index opened lower in response to the US tariff announcements but saw some recovery due to resilience in select heavyweight stocks.
"This helped trim losses in early trades, leading to a range-bound session," Ajit Mishra - SVP, Research, Religare Broking Ltd, said.
From the Sensex pack, Tata Consultancy Services, HCL Technologies, Tech Mahindra, Infosys, Tata Motors, Bajaj Finance, Kotak Mahindra Bank, Mahindra & Mahindra, Bharti Airtel and Maruti Suzuki India, Tata Steel were the major laggards.
PowerGrid, Sun Pharmaceuticals, UltraTech Cement, NTPC, Asian Paints, Nestle India, Titan, IndusInd Bank and Axis Bank were among the gainers.
In broader markets, the BSE smallcap gauge rose by 0.76 per cent and the midcap index went up 0.31 per cent.
Market breadth was positive as 2,809 stocks advanced while 1,175 declined and 139 remained unchanged on the BSE.
The US has announced additional 27 per cent import duties on India saying New Delhi imposes high tariffs on American goods, as the Donald Trump administration aims to reduce the trade deficit and boost manufacturing.
President Trump, in a historic measure to counter higher duties on American products imposed globally, announced reciprocal tariffs on about 60 countries.
"This is Liberation Day, a long-awaited moment. April 2, 2025, will forever be remembered as the day American industry was reborn, the day America's destiny was reclaimed, and the day that we began to make America wealthy again.
"We are going to make it wealthy, good, and wealthy," Trump said in his remarks from the Rose Garden at the White House on Wednesday.
In Asian markets, Tokyo's Nikkei plunged the most by nearly 3 per cent, followed by Hong Kong (1.52 per cent), Seoul's KOSPI (0.76 per cent) and Shanghai (0.24 per cent).
Global oil benchmark Brent crude declined 3.68 per cent to $72.19 a barrel.
Meanwhile, foreign Institutional Investors (FIIs) offloaded equities worth Rs 1,538.88 crore on Wednesday, while Domestic Institutional Investors (DIIs) purchased shares worth Rs 2,808.83 crore on a net basis.
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