Mumbai (Maharashtra) [India], April 1 : The Indian stock market is seeing a volatile session, with both Sensex and Nifty down by over a per cent each.
Experts say the market is under pressure as it awaits the details of the Trump tariff scheduled to be implemented from April 2.
At the time of writing this report, the Sensex was down at 76,090.2, declinig 1,324.71 points or 1.71 per cent, while the Nifty was down at 23,190.55, declining 328.80 points or 1.40 per cent.
Market experts sasy US Tariffs, to be announced on April 2, are heavily impacting the investors' sentiments.
Ajay Bagga, a market and banking expert, said that the uncertainty is hitting Indian markets today as the "T-Day" looms, when the US announces tariffs on various countries and sectors.
"Markets are on edge due to this event risk. Indian IT companies are seeing selling today on the forecast of slower growth in the key US market, which could mute management guidance when these start getting released in mid-April onwards," he added.
"The third factor behind the dip in the market is the Iran , Russia and Venezuela news flow impact on crude oil prices, which could be negative for a major oil importer like India. In short, uncertainty, poor sentiment and crude oil supply risks are the major drivers of the Indian markets being down today," Bagga said.
Experts stated that the Trump tariff announcement on April 2 is a major event now. However, the markets have discounted the impact, but the reality will seem worse initially and then improve as concessions and exclusions are announced.
Observing the markets, another expert, Akshay Chinchalkar, Head of Research, Axis Securities, said, "Reciprocal tariffs may be watered down but they are still coming, and that's causing plenty of volatility. The exact extent of tariffs will not be known until tomorrow, so large players lightening up positions ahead of the final announcements could be driving the wild swings being witnessed today, so far at least."
At the opening of the trading today, Indian stocks faced heavy selling pressure as both indices fell amid the tariff threat.
Among the major developments of the market, the FMCG index is down about 0.5 at the BSE, while the BSE Bank index snaps a 2-day winning streak.
Stocks of IT majors such as Infosys, TCS, Persistent Systems, and others decline up to 4 per cent ahead of the tariff announcements.
In sectoral indices, except media, oil & gas, all other indices are trading in the red territary at the National Stock Exchange (NSE).
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