'Do not let short term noise...': CIO's message to investors as markets slide ahead of US tariffs rollout 

Even as Indian equity markets plunged on Tuesday, Gurmeet Chadha, Chief Investment Officer at Complete Circle, urged investors to stay focused on the bigger picture. “In next 6 months, India will have a Trade deal with US and will see bilateral trade going up. We will be one of the beneficiaries of ongoing trade war. Do not let short-term noise, cloud the bigger picture,” Chadha wrote on X.

His comments came on a day when benchmark indices logged their steepest single-day losses in a month. The 30-share BSE Sensex crashed 1,390.41 points to close at 76,024.51, with 28 of its components ending in the red. It had plunged as much as 1,502.74 points intraday. The NSE Nifty too dropped 353.65 points to settle at 23,165.70.

The crash was triggered by heavy selling in IT and private banking stocks, compounded by global uncertainty over the US’s upcoming reciprocal tariff policy set to roll out on April 2. US President Donald Trump has described the date as "Liberation Day" for the United States.

HCL Tech, Bajaj Finserv, HDFC Bank, Infosys, Titan, and ICICI Bank were among the top laggards on the Sensex. IndusInd Bank was the top gainer, jumping over 5 per cent, while Zomato ended slightly higher.

Vinod Nair, Head of Research at Geojit Financial Services, said, “Amid heightened global volatility ahead of the anticipated US reciprocal tariff announcement tomorrow, the domestic market witnessed a significant sell-off today. The IT sector was among the hardest hit due to its substantial exposure to the US market, and real estate stocks fell following Maharashtra's upward revision of ready reckoner rates, which affect property valuations.”

Meanwhile, foreign institutional investors (FIIs) pulled out ₹4,352.82 crore worth of equities on Friday, according to exchange data.

Interestingly, while Indian markets fell sharply, other major Asian indices—including Seoul, Tokyo, Shanghai and Hong Kong—closed higher. European markets were also trading in the green, and US indices had ended mostly higher on Monday.

Despite the fall, the Sensex still posted gains of 3,763.57 points or 5.10 per cent in FY 2024-25, while the Nifty climbed 1,192.45 points or 5.34 per cent.