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Indian equity benchmarks opened lower on Wednesday, snapping a two-day winning streak amid weak global cues and cautious investor sentiment.
The BSE Sensex slipped 165.3 points to 76,569.59 in early trade, while the NSE Nifty fell 51.55 points to 23,277.
Indian equity markets had begun the trading week on a strong note, with benchmark indices rising sharply on Tuesday following a market holiday on Monday. The Sensex soared over 1,600 points to close at 76,734.02, while the Nifty50 ended at a record high of 23,328.50.
This momentum came on the back of strong global cues, a return of domestic investor confidence, and hopes that US trade hostilities, especially concerning semiconductor tariffs, may temporarily ease.
Last Friday too saw robust buying as markets rallied on improved global sentiment. Experts said value buying and anticipation of corporate earnings helped maintain investor optimism.
Domestic Institutional Investors (DIIs) remained net buyers, offsetting Foreign Institutional Investor (FII) outflows. Over Rs 25,000 crore in SIP contributions during March also underlined steady retail participation despite tight liquidity.
Markets were particularly encouraged by US President Donald Trump’s recent indication that his administration may temporarily ease trade restrictions, particularly in the semiconductor and electronics sectors.
US customs authorities have announced temporary duty exemptions on key consumer and industrial electronics, including semiconductors. Though these measures are not permanent, they have reassured markets in the short term. However, Trump has signalled that fresh tariffs may be introduced within weeks.
On the global front, markets have been swinging as investors react to renewed trade tensions between the US and China.
Nvidia’s announcement that it would need a US licence to ship its latest AI chips to China rattled investor confidence across Asian markets.
The firm’s shares tumbled around 6% in after-hours trade, and suppliers like TSMC, SK hynix and Advantest saw notable losses. Broader indices reflected the turmoil, Hong Kong’s Hang Seng fell 1.8%, while Tokyo’s Nikkei and Shanghai Composite each dropped 0.7%.
Trump’s aggressive stance has deepened global uncertainty. New probes into critical minerals and a temporary exemption on chip-related tariffs have left investors guessing about the longer-term trajectory of trade policy.
Trump reiterated that China must “come to the table,” while reports suggest Beijing has paused aircraft orders from Boeing, a sign of fraying commercial ties.
Yet, global equities held relatively steady on Tuesday with the Dow up 0.78%, Nasdaq 0.64%, and the S&P 500 gaining 0.79%, thanks to strong earnings in banking and speculation that the worst of trade war shocks may be behind, at least temporarily.
Meanwhile, China’s Q1 GDP beat expectations, rising 5.4% year-on-year, but officials warned of “certain pressures” from rising tariffs and a complicated external environment. Analysts say much of China’s export strength in March was “front-loaded” to beat tariff deadlines, raising doubts about sustained momentum.
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