Stock market today: BSE Sensex ends 380 points down; Nifty50 below 22,400

Stock market today: BSE Sensex and Nifty50, the Indian equity benchmark indices, closed in red on Wednesday taking cues from global markets. While BSE Sensex went below 73,700 intraday, Nifty50 dipped to near 22,350 levels. BSE Sensex ended the day at 73,847.15, down 380 points or 0.51%. Nifty50 closed at 22,399.15, down 137 points or 0.61%.Donald Trump's statements on impending 'major tariffs' for pharmaceuticals and the 104% tariffs on China have added to the gloom in global markets, which in turn is reflecting in the Indian markets. However, in some relief for the market the RBI has cut the repo rate by 25 basis points to 6% and changed its stance to 'accommodative' from 'neutral'.The top BSE Sensex gainers were Nestle India, HUL, Titan Company, Power Grid and UltraTech Cement. The top losers were State Bank of India, L&T, Tech Mahindra, Tata Steel and Sun Pharma.Ajit Mishra – SVP, Research, Religare Broking said, “Markets slipped after a brief rebound, losing over half a percent as the choppy trend persisted. Sentiment took a hit following the announcement of fresh U.S. tariffs on China, leading to a gap-down opening and a largely range-bound session thereafter. The outcome of the MPC meeting—where a 25-bps rate cut was announced along with a shift to an accommodative stance—failed to evoke any meaningful market reaction.As a result, the Nifty index closed at 22,399.15, down 0.59%. On the sectoral front, most indices ended in the red, with IT, pharma, and realty emerging as the top losers. The broader market also faced pressure, with losses ranging from 0.60% to 1%. The ongoing volatility continues to keep traders cautious, and any near-term relief seems unlikely given the recent tariff-related developments and the onset of the earnings season. Investors will react to the IT major, TCS’s results in early trades on Friday, which could influence market direction initially. Until volatility, as reflected by the elevated India VIX, cools off, we recommend maintaining a hedged approach to navigate potential sharp swings."Asian and European markets saw significant declines on Wednesday, with Japan's Nikkei 225 falling by more than 5 per cent following the implementation of new US tariffs, including a substantial 104 per cent duty on Chinese imports. The Nikkei 225 decreased by 3.9 per cent to 31,714.03. The Hang Seng in Hong Kong dropped 0.4 per cent to 20,041.03, whilst the Shanghai Composite index recovered from early losses to advance 0.9 per cent to 3,173.56.Taiwan's market performance was the weakest in Asia, with its Taiex index declining by 5.8 per cent.The Chinese government announced its intention to implement "resolute measures" to protect its trading interests, although specific countermeasures were not disclosed.European markets also witnessed substantial losses. Germany's DAX fell 2.1 per cent to 19,857.36, whilst France's CAC 40 decreased 2.1 per cent to 6,949.92. The UK's FTSE 100 declined 2 per cent to 7,753.42.Financial markets are likely to experience continued volatility due to uncertainty regarding the duration of Trump's substantial import tariffs, which are expected to increase prices for US consumers and decelerate economic growth.