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Global markets came under pressure yesterday, as escalating trade tensions rattled investor sentiment. The Trump administration announced a steep 50% tariff on Chinese imports, bringing total levies to 104%. This triggered a broad selloff across US equities:
Nasdaq: ↓ 2.2%
S&P 500: ↓ 1.6%
Dow Jones: ↓ 0.8%
All US sectors ended in red, led by materials. Meanwhile:
US Treasury yields surged
The Dollar Index hovered above 102
Crude oil plunged to multi-year lows
Gold and silver saw modest gains
Also Read: BPCL and Sembcorp Join Forces to Drive Green Hydrogen Projects in India
Asian indices mirrored the bearish trend:
Nikkei dropped 3.6%
KOSPI fell 0.8%
ASX 200 slipped 2%
Despite global volatility, Indian markets rebounded strongly on April 8, supported by optimism ahead of the RBI’s monetary policy decision. The Sensex rallied 1,089 points (1.49%) to close at 74,227, while the Nifty gained 374 points (1.69%), ending at 22,536.
All 13 sectoral indices were in the green, with gains of around 2% across the board, indicating broad-based buying. The India VIX, often seen as the market’s fear gauge, dropped over 10% to near 20, easing concerns after the prior session’s sharp spike. Gift Nifty is currently indicating a slightly negative bias, with a likely trading range between 21,900 and 22,800.
Also Read: Vodafone Idea Allots Rs.36,950 Cr Shares to Govt; Stake Hits 48.99%
Nifty formed a bull candle with long wicks on both sides – a sign of intraday volatility ahead of RBI’s decision.
Key support lies between 21,750 and 21,800, which includes Monday’s panic low and the 24-month EMA.
Key resistance is around 22,900, the level from Monday’s gap down.
A break below 21,750 could lead to a further decline towards 21,300 (election outcome day low).
However, sustaining above 22,250 could drive the index back toward 22,900 in the coming sessions.
Intraday Levels for Nifty:
Resistance: 22,700 & 22,830
Support: 22,250 & 22,030
Intraday Levels for Bank Nifty:
Resistance: 50,690 & 51,000
Support: 50,000 & 49,700
Also Read: Top Indian Railway Stocks in India as per Market Cap
Key Developments to Watch
BPCL and Sembcorp announced a 50:50 green hydrogen & renewable energy joint venture—an important step towards India's clean energy goals.
Vodafone Idea allotted ₹36,950 crore in shares to the Government of India, raising its stake to 48.99%, while promoters maintain control.
FIIs sold ₹4,994 crore
DIIs bought ₹3,097 crore
DII inflows continue to cushion the impact of FII selling.
US Indices – April 8
Nasdaq: 15,268 ↓ 2.2%
S&P 500: 4,983 ↓ 1.6%
Dow Jones: 37,646 ↓ 0.8%
Trump’s Trade Stance:
The announcement of 104% total tariffs on China, including 24% on Japanese goods and 25% on car imports, has sparked concern globally. Trump also mentioned that Japan is sending a trade negotiation team.
Other Asset Movements:
10-Year US Treasury Yield: 4.29% (↑ 13.4 bps)
Dollar Index: >102
Gold/Silver: Modest gains
Oil: Multi-year lows
According to current option data, Nifty is likely to trade between 22,500 and 23,000, while Bank Nifty may remain in the 50,000–51,000 range.
A more detailed breakdown of open interest levels, key strikes, and institutional activity is available in our full option chain report—be sure to check it out for data-driven insights to guide your trading decisions.
Also Read: Top Infrastructure Stocks in India as per Market Cap
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