Stock Market Today: Sensex, Nifty Take a Beating Amid Global Turmoil
The Indian stock market opened on a stormy note this Friday, October 3, with both the Sensex and Nifty sinking deep into the red. By mid-session, the Sensex was down nearly 900 points while the Nifty 50 slipped below 23,800, mirroring a wave of selling pressure across global markets.
The trigger? A cocktail of weak global cues, Donald Trump’s fresh tariff shock on Asian imports, and nervousness ahead of key macroeconomic data.
“Markets are spooked by the uncertainty in global trade and investors are clearly choosing caution over aggression,” said Ajay Khandelwal, Senior Analyst at Mumbai-based brokerage firm Crestline Securities.
Why the Fall?
- Global Weakness:
- Asian peers like Nikkei and Hang Seng were already trading lower after news of Trump’s tariff move on select Chinese goods. Wall Street futures too remained subdued, adding to the pessimism.
- Tariff Tension:
- Trump’s announcement of new tariffs rattled investors who fear a full-blown trade tussle could dent India’s export-dependent sectors like IT, metals, and textiles.
- Domestic Factors:
- On the home turf, heavy selling was seen in banking, auto, and FMCG counters. HDFC Bank, ICICI Bank, Tata Motors, and Reliance were among the top drags. On the flip side, pharma and select IT names managed to hold some ground.
Expert Take
Market watchers believe the correction was long overdue. After weeks of relentless rally that pushed Nifty to record highs, Friday’s slide looked like a reality check.
“Traders should brace for volatility. We may see sharp intraday recoveries but the undertone remains cautious,” noted Anjali Sharma, Equity Research Head at Apex Capital.
She added that FII outflows have picked up in the last few sessions, another sign of caution among big-ticket players.
Technical Picture
- Nifty 50: Breached its crucial support at 23,800. Next key level lies near 23,500.
- Sensex: Sliding below 78,500 may open gates for further weakness.
- Volatility Index (India VIX): Jumped nearly 6%, indicating nervousness in the market mood.
Traders on Dalal Street whispered that today’s move felt like “panic selling” rather than a measured correction, suggesting that retail investors rushed to exit at lower levels.
Sectoral Impact
- Banking & Financials: HDFC twins, ICICI Bank, Kotak Bank all witnessed sharp cuts.
- Auto Stocks: Tata Motors and M&M fell as investors worried about export pressure.
- FMCG Giants: HUL and ITC dragged amid concerns of slowing rural demand.
- Bright Spots: Pharma counters like Sun Pharma and Cipla attracted safe-haven buying.
Global Backdrop
Donald Trump’s return to aggressive trade rhetoric spooked markets worldwide. Analysts warn this could be just the beginning of another bruising tariff war. Meanwhile, crude oil prices also remained firm near $88 per barrel, adding to India’s import bill worries.
What Next?
While the near-term outlook looks shaky, seasoned market players are advising calm. “Every dip is not a disaster. For long-term investors, corrections create opportunities,” said Rajeev Mehta, an independent market strategist.
Still, the immediate focus will be on upcoming RBI policy commentary, US jobs data, and whether FIIs continue to sell in Indian equities.
If global jitters persist, experts believe Nifty could test 23,500 in the coming days. However, a rebound cannot be ruled out if bargain hunters step in.
Conclusion
Friday’s market rout served as a reminder that rallies don’t last forever. With global and domestic uncertainties rising, investors may need to tighten their seat belts. For now, Dalal Street seems caught between fear and opportunity — and the coming weeks will reveal which side wins.