Stock market today: The Indian stock market sold off sharply on Monday, April 7, mirroring last week’s rout on Wall Street, as escalating trade tensions between the world’s two largest economies spooked investors, triggering a swift flight from riskier assets amid growing fears of a global recession.
The Nifty 50 opened with a 1,146-point cut, or 5% down, at 21,758 — marking its biggest intraday loss since March 2020. Its peer, the Sensex, also opened with a sharp decline of 5.19%, at 71,449.
All 50 constituents of the Nifty are trading with heavy losses, with Trent emerging as the top loser, slumping 15%. It was followed by other Tata Group stocks such as Tata Steel and Tata Motors, which slid 10% and 8.4%, respectively.
Technology stocks led the sell-off in today’s trade, emerging as the worst casualties amid growing fears of a looming recession in the U.S. economy. The Nifty IT index crashed another 7% in trade, following a 9% decline last week. Meanwhile, the U.S. tech-heavy Nasdaq entered bear market territory last week.
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