Nifty 50, Sensex suffer worst 1-day drop in a month as tariff worries escalate; realty stocks bleed—10 key highlights

Stock market today: Indian markets kicked off FY26 on a somber note, tracking the sharp sell-off in US markets overnight after President Donald Trump on Sunday, said tariffs would essentially cover all countries, stoking worries a global trade war could lead to a recession.

Investors had been hoping for a more targeted approach in implementing the levies. Trump is set to receive tariff recommendations on Tuesday and is expected to announce the initial levels on Wednesday.

These levies are coming at a time when US consumer and business confidence are weakening, as concerns grow that higher duties will drive up domestic prices and potentially slow down economic activity. The recent inflation data has reinforced these concerns, as the Federal Reserve’s key inflation measure rose more than expected in February, while consumer spending increased at a slower-than-projected pace.

The rising trade tensions and declining consumer confidence are also prompting analysts to cut their growth projections for the American economy and increase recession odds. Global brokerage firm Goldman Sachs recently raised the probability of a US recession this year to 35%, while also lowering its US GDP growth forecast and year-end target for the S&P 500, making it the most bearish among major firms so far.

Stock Market Today: 10 Key Highlights

Here are 10 key highlights of the Indian stock market today:

1. Nifty 50, Sensex extend fall to second day

After ending the last trade of FY25 on a weak note, the Indian stock market witnessed another round of selling pressure on the first trading day of FY26. The Nifty 50 closed Tuesday’s session, April 1, with a 1.50% decline, settling at 23,165, while the Sensex tanked 1.8% to end at 76,024.

Today marked the biggest intraday drop for both indices since February 28, when they tumbled nearly 2%. The sharp decline also pulled both Nifty 50 and Sensex back to their March 21 levels.

2. HDFC Bank, Infosys, 3 other stocks contribute 63% to Nifty 50's fall

The sharp drop in shares of HDFC Bank, Infosys, Reliance Industries, HCL Tech, and Larsen & Toubro collectively accounted for 222 points, or 63%, of the Nifty 50's 353-point decline in today's session.

HDFC Bank emerged as the biggest drag on the index, pulling it down by 98 points, followed by ICICI Bank and Infosys, which contributed 47 and 32 points to the decline, respectively.

3. Nifty Realty: Worst sectoral performer

Among the 13 major sectoral indices, Nifty Realty was the worst performer, losing 3.11% of its value. It was followed by Nifty Consumer Durables, Nifty IT, Nifty Pharma, and Nifty FMCG, all of which ended in the red with losses ranging between 0.91% and 2.50%.

On the winning side, Nifty Media managed to close with a gain of 2.24%.

4. Broader markets outperform

Despite a sharp sell-off in the Indian stock market, both mid-cap and small-cap stocks saw relatively smaller losses compared to large-cap stocks. The Nifty Midcap 100 ended 0.86% lower at 51,229 points, while the Nifty Smallcap 100 index dropped 0.70%, closing at 15,982 points.

5. 35 Nifty 50 stocks end in red

Of the 50 constituents in the Nifty 50 index, 35 stocks closed lower, led by HCL Technologies and Bajaj Finserv, which dropped 3.9% and 3.5%, respectively. Other stocks, including HDFC Bank, BEL, Shriram Finance, Infosys, and Bajaj Finance, declined between 2% and 3%.

On the gainers' side, IndusInd Bank managed to end the session with a 5% gain, followed by Trent and Bajaj Auto, which rose 4.7% and 1.5%, respectively.

6. 265 stocks hit fresh 1-year lows

According to Trendlyne data, 265 stocks on Dalal Street tumbled to fresh 52-week lows in today's session. Some notable names include Punjab & Sind Bank, Tata Elxsi, Titan Company, Happiest Minds Technologies, Central Bank of India, Indian Overseas Bank, Birlasoft, and Sona BLW Precision.

7. 186 stocks hit new 1-year highs

Despite significant fall in the Indian stock market today, 186 stocks have managed to reach fresh 52-week highs, with notable names like Aavas Financiers and Coromandel International among them.

8. 21 stocks decline between 10% and 20%

Overall, 21 stocks ended today's session with sharp declines ranging from 10% to 20%, including Punjab & Sind Bank, UCO Bank, Ashiana Ispat, and Kay Power And Paper.

9. High Trading Activity: Vodafone Idea, UCO Bank, HBL Power Systems See Massive Turnover

Vodafone Idea emerged as the top volume gainer today, with 2.7 billion shares traded across both BSE and NSE. The stock ended the session up 20% at ₹8.10 apiece.

The second-highest volume gainer was UCO Bank, with 47.7 million shares changing hands. Other stocks, including HBL Power Systems, Bharat Electronics, and Tata Teleservices, also recorded over 30 million shares in trading volume today.

10. 275 stocks hit upper circuit limits

According to NSE data, 275 stocks hit their respective upper circuit limits, ranging from 2% to 20%. Among them, Hester Biosciences jumped 20% to close at ₹1,505 apiece.

Likewise, Birla Cable hit the upper circuit limit of 20%, settling at ₹156 apiece.

Disclaimer: The views and recommendations given in this article are those of individual analysts. These do not represent the views of Mint. We advise investors to check with certified experts before taking any investment decisions.