April 7 (Reuters) – Indian shares opened sharply lower on Monday, as concerns over a global trade war and growing recession fears in the U.S. triggered a stock market rout on Wall Street and in other Asian markets.
The Nifty 50 and the BSE Sensex trimmed some losses from the pre-open trade, declining 3.84% to 22,030.25 and 3.72% to 72,600.53, respectively, as of 09:17 a.m. IST.
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All 13 major sectors logged losses.
IT companies, which earn a significant share of their revenue from the U.S. lost 7%.
The broader small-caps and mid-caps lost 6.2% and 4.6%, respectively.
Other Asian markets slumped, with the MSCI Asia ex-Japan index losing 6.8%. Japan’s Nikkei 225 dropped 6.5%.
Trump’s new tariffs are “larger than expected”, and the economic impact on inflation and growth will be likely, said Federal Reserve Chair Jerome Powell on Friday, flagging an uncertain outlook on the U.S. economy.
The Nasdaq index confirmed it entered a bear market on Friday, as oil prices and other commodities plunged amid a massive global market decline following U.S. President Donald Trump’s announcement of sweeping tariffs on Wednesday.
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