The rupee declined 19 paise to 85.63 against the US dollar in early trade on Monday, facing the heat of the global trade war triggered by the US reciprocal tariff and China s retaliatory move that also crashed equity markets worldwide to their record lows.

Tata Steel Share Price: The shares of NMDC and Tata Steel experienced sharp fall, diving by 18.2% and 11.56% respectively. This was followed by stocks like Jindal Stainless, National Aluminium Company (NALCO), Hindustan Zinc and Vedanta crashed nearly 10% each.

Market sentiment was further dented by signs of escalating retaliation from China, sparking concerns over a prolonged global trade war.

India VIX spike: India VIX spiked over 59% as Sensex and Nifty plunged amid a global selloff triggered by U.S.-China trade tensions and recession fears. All 13 sectors ended in the red, with sharp losses in IT and metals. Global markets tumbled, commodities slumped, and the Nasdaq entered a bear market. Analysts flagged uncertainty but noted India’s relatively resilient macro position.

Foreign institutional investors (FIIs) aggressively bought financial services stocks worth Rs 14,274 crore in March 2025, while selling other Indian equities. This indicates confidence in Indian banks amid global volatility. Supported by robust financial updates, attractive valuations, and expected improvements in H2 FY26, Indian banks appear resilient to international market fluctuations.

Sridhar Sivaram from Enam Holdings discusses the impact of US tariffs and trade policies under Donald Trump. Highlighting the imbalance in tariffs, he argues that US demands for fair play are justified. Sivaram predicts short-term calm with many countries offering zero tariffs, though significant uncertainty persists around China.

As exporters from countries such as Vietnam, South Korea, and Japan shift their focus to alternative markets like India and the Middle East, Indian manufacturers are now contending with a wave of low-cost imports.

Brokerage firm Antique revised its target price for Trent to Rs 6,801 from Rs 7,363 but maintained a ‘Buy’ rating on the stock. The firm also trimmed its EPS forecast by 2% to 10% for FY25–27, citing a high base effect that could moderate growth momentum.

Siemens stock opened at Rs 2,571 on the BSE. Monday marks the record date for the demerger, with eligible shareholders set to receive one share of Siemens Energy India for every share held in Siemens India, in a 1:1 ratio.

Sandip Sabharwal highlights that while global tariffs and deflationary pressures may impact markets, domestic sectors like construction, infrastructure, and telecom hold investment opportunities. He emphasizes focusing on domestic consumption stories and suggests that RBI s monetary policy response will be crucial in managing liquidity. Despite global volatility, robust domestic demand conditions offer potential for market recovery.