Stock market: US stocks open mixed, Indian market closed in red amid Trump tariff war

US stock market on Wednesday opened on mix trend, mostly lower, as markets remained unstable amid the escalating global tariff war.

The Dow Jones Industrial Average fell 257.7 points, or 0.68%, at the open to 37,387.91. The S&P 500 fell 17.5 points, or 0.35%, at the open to 4,965.28​, while the Nasdaq Composite rose 27.5 points, or 0.18%, to 15,295.441 at the opening bell.

The European Union has approved tariffs to hit around €21 billion ($23.2 billion) of US goods in retaliation for the 25 per cent duties Donald Trump imposed last month on the group's steel and aluminium exports.

China's retaliatory tariffs led the bonds to sink, indicating no end to the trade war between the US and Beijing, pushing the S&P 500 to the brink of a bear market, Bloomberg reported.

US equity futures fell more than 2% after China announced new tariffs of 84% on US goods. Treasuries slid, driving the 10-year yield to near 4.5% on growing doubts about the haven status of US sovereign bonds, the report added.

Oil plunged to a four-year low amid the intensifying trade war between the US and China, with Beijing's latest salvo of 84% retaliatory tariffs adding to the tensions.

Brent futures tumbled below $60 a barrel for the first time since 2021 as natural gas, copper and other commodities also slid. Shares of BP Plc and Shell Plc slumped more than 5 per cent.

Gold prices rose over 2 per cent on Wednesday as traders sought the safe-haven asset amid intensifying concerns over a global trade war and recession.

This also comes in the backdrop of rising war between China and US.

The US Stock index futures have turned sharply lower after China announced an additional tariff of 84 per cent on all American goods, Reuters reported.

Stock market LIVE: China is now raising its retaliatory tariff on the US to 84%, up from 34% earlier, effective from April 1, news agency AP reported.

Stock market LIVE: The Sensex closed at 73,847.15, which is down by 379.93 points, or 0.51 per cent in the red.

Top Losers:

1) SBI was down by 3.43%, closing at ₹742.05.

2) Tech Mahindra was down by 3.35%, closing at ₹1,271.

3) Larsen & Toubro was down by 3.23%, closing at ₹3,059.10.

4) Tata Steel was down by 2.30%, closing at ₹127.20.

5) Sun Pharmaceutical Industries was down by 2.18%, closing at ₹1,652.00.

Stock market LIVE: The Nifty closed at 22,399.15, which is 136.70 points or 0.61 per cent in the red.

Top Losers:

1) Wipro was down by 4.23%, closing at ₹236.80.

2) SBI was down by 3.40%, closing at ₹742.45.

3) Tech Mahindra was down by 3.31%, closing at ₹1,270.95.

4) Larsen & Toubro was down by 3.13%, closing at ₹3,062.00.

5) Trent was down by 2.97%, closing at ₹4,625.70.

Stock market LIVE: Only three of the Nifty sectoral indices closed in the green. These were Nifty FMCG, which was up 1.78%, reaching 55,264.75, Nifty Consumer Durables, which was up by 0.23%, reaching 34,968.65, and Nifty Auto which was up 0.01%, reaching 20,140.40.

Stock market LIVE: The following Nifty sectoral indices fell the most at today's close.

1) The Nifty PSU Bank Index fell by 2.52%, reaching 6,092.55.

1) The Nifty IT Index fell by 2.19%, reaching 32,517.35.

3) The Nifty Pharma Index fell by 1.97%, reaching 19,976.30.

4) The Nifty Realty Index fell by 1.90%, reaching 780.30.

5) The Nifty Midsmall IT & Telecom Index fell by 1.83%, reaching 8,252.10.

Stock market LIVE: The Nifty fell by 136.70 points or 0.61 per cent, closing at 22,399.15, while the Sensex was down by 379.93 points, or 0.51 per cent, in the red, closing at 73,847.15.

Stock market LIVE: The indicative close of the Nifty was 22,399.15, which is down by 136.71 points or 0.61 per cent, while the Sensex is indicated to close by 377.41 points down, or 0.51 per cent, in the red, reaching 73,849.67.

Stock market LIVE: With the market set to close in 15 minutes, the following shows how various Nifty indices performed.

1) The Nifty 50 fell by 0.60%, reaching 22,400.90.

2) The Nifty Next 50 fell by 0.18%, reaching 60,700.75.

3) The Nifty Financial Services Index fell by 0.73%, reaching 24,123.65.

4) The Nifty Bank Index fell by 0.56%, reaching 50,230.35.

5) The Nifty Midcap Select Index fell by 0.06%, reaching 11,035.25.

Stock market LIVE: China is making the yuan weaker at a careful pace, as the People’s Bank of China seeks to absorb some of the economic impact of the trade war with the US without destabilizing its financial markets, according to Bloomberg.

Stock market LIVE: UK stocks fell sharply after the worldwide tariffs f the US came into effect, which includes a 10% charge on UK goods and a new 104% rate on some Chinese imports, according to PA Media.

In London, the FTSE 100 fell 2.34% shortly after opening, wiping out most of the gains made on Tuesday, following another drop in some Asian stock markets overnight.

Stock market LIVE: The following Sensex stocks are down the most.

1) SBI fell by 2.99%, reaching ₹745.45.

2) Tech Mahindra fell by 2.99%, reaching ₹1,275.65.

3) Larsen & Toubro fell by 2.88%, reaching ₹3,070.10.

Stock market LIVE: The Nifty fell by 134.05 points or 0.59 per cent, reaching 22,401.80, while the Sensex was down by 375.07 points, or 0.51 per cent, in the red, reaching 73,852.01.

Stock market LIVE: China does not want a trade war with the US, but it is compelled to take on the tariffs, according to Reuters. "There are no winners in a trade war," the ministry said in a statement. "China does not want one, but the government will never allow the legitimate rights and interests of the Chinese people to be harmed or taken away."

Stock market LIVE: European stock futures fell as Trump’s reciprocal tariffs took effect, with contracts on the Euro Stoxx 50 sinking 4.0% in Paris, suggesting the region’s equities were set to resume their decline after a brief rebound on Tuesday. The comes after Europe’s biggest four-day drop since the Covid-19 pandemic, according to Bloomberg.

Stock market LIVE: S&P 500 contracts fell as much as 3% before rising as high as 0.7%. They then traded flat by 3:33 a.m. in New York, according to Bloomberg. Meanwhile, contracts on the tech-heavy Nasdaq 100 edged 0.3% higher.

Stock market LIVE: Meanwhile, Indian pharmaceutical stocks fell 1.29%, dragging down the benchmark Nifty 50 by about 0.51%, according to News agency Reuters.

Stock market LIVE: Asian shares fell further on Wednesday, with Japan’s Nikkei 225 dropping more than 5%, Hong Kong's Hang Seng losing 0.4% to hit 20,041.03, and Taiwan leading losses in Asia, with the Taiex plunging 5.8%.

Stock market LIVE: The following Nifty sectoral indices fell the most.

1) The Nifty IT Index 250 fell by 2.04%, reaching 32,565.10.

2) The Nifty PSU Bank Index fell by 1.67%, reaching 6,145.45.

3) The Nifty Midsmall IT & Telecom Index fell by 1.56%, reaching 8,275.35.

Stock market LIVE: The Nifty fell by 116.75 points or 0.52 per cent, reaching 22,419.10, while the Sensex was down by 319.55 points, or 0.43 per cent, in the red, reaching 73,907.53.