The stock market tumbled on Friday hours after Donald Trump rolled out sweeping reciprocal tariffs on global trade partners, including India.

While the Sensex nosedived 1,009.07 points or 1.32% to an intraday low of 75,286.29, the broader NSE Nifty dropped 375.7 points or 1.61% to a low of 22,874.40 as of 2 pm, according to reports.

This took away a whopping ₹9 lakh crore from the market, suggested the reports.

At 9.23 am, Sensex was down 544 points or 0.71% at 75,750 and Nifty was down 194 points or 0.82% at 23,059, as the markets opened low.

Midcap and smallcap stocks witnessed selling pressure in the early trading hour. Nifty midcap 100 index was down 669 points or 1.34% at 51,464 and Nifty small 100 index was down 253 points or 1.56% at 16,001.

On the sectoral front, auto, IT, PSU bank, pharma, FMCG, metal, realty and energy were major laggards. Only finance services was trading with gains.

In the Sensex pack, HDFC Bank, Bajaj Finance, Bharti Airtel and M&M were top gainers. Tata Motors, Tata Steel, L&T, IndusInd Bank, Maruti Suzuki, Reliance Industries, Sun Pharma, Infosys and Tech Mahindra were the top losers.

Following the announcement of Trump tariffs, global markets experienced jitters overnight, leading to a gap-down opening indicated by the Gift Nifty.

Selling was seen in most Asian markets. Tokyo, Bangkok and Seoul were in the red.

The US markets witnessed a massive sell-off on Thursday after reciprocal tariffs were announced. The Dow closed by nearly 4 per cent down and the technology index Nasdaq down by nearly 6%.

On the institutional front, foreign institutional investors (FIIs) extended their selling streak for the fourth consecutive session on April 3, offloading equities worth ₹2,806 crore. In contrast, domestic institutional investors (DIIs) remained net buyers for the fifth consecutive day, purchasing equities worth Rs 221.47 crore.

According to market observers, on the upside, immediate resistance is seen at 23,350, followed by 23,600 for Nifty.

“A breakout beyond these levels could trigger a continuation of the uptrend, targeting the 200 DSMA in the 24,000–24,100 range. While the index may remain range-bound in the near term, stock-specific trades are offering better opportunities, and traders should focus on individual names for potential gains,” said Sameet Chavan, Head Research, Technical and Derivative - Angel One.

(with inputs from syndicated feed)