FX.co ★ India Stocks Head for Steep Losses Weekly

India's stock market experienced a significant downturn, with a drop of 740 points or 1.0% to reach 75,555 during early trading on Friday. This marks a decline for the second consecutive session, as most sectors faltered and hit their lowest levels in two weeks. The BSE Sensex was influenced by a sharp decline on Wall Street the previous night, fueled by apprehensions of a global trade war that has sparked recession fears. The pharmaceutical sector led the decline with a drop of 6.1%, followed by metals at 5.2% and autos at 3.0%, as the market anticipates the imposition of new tariffs on April 5. Mitigating the downturn, a final survey indicated that India's private sector growth was adjusted upwards in March, achieving its highest growth rate in seven months. Despite this, the index is poised to end the week on a negative note after gains over the preceding two weeks, falling approximately 2.4% amid recession concerns exacerbated by the global trade war. The Nifty 50 index also saw a decrease of 1.2%, slipping below 23,000. Significant losses were observed in companies such as Tata Steel (-6.1%), Tata Motors (-5.4%), Sun Pharmaceutical (-4.6%), Larsen & Toubro (-4.2%), and IndusInd Bank (-3.8%).