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Below the Quote on Daily market commentary by Mr. Siddhartha Khemka, Head - Research, Wealth Management, Motilal Oswal Financial Services Ltd.

Indian equities faced sharp declines on the first trading session of FY26, with the Nifty tumbling 1.5% to close at 23,165, amid heightened concerns over US President Donald Trump’s reciprocal tariff plans, which take effect from April 2nd. The sell-off was broad-based, with IT, financials, banks, realty, and consumer durables leading the decline. Broader markets also ended lower, as the Nifty Midcap 100 and Nifty Smallcap 100 indices dropped 0.9% and 0.7%, respectively. Sectoral indices saw widespread losses, barring Nifty Media and Oil & Gas. Nifty Realty was the worst performer, falling 3.1%, as real estate stocks came under pressure after the Maharashtra government hiked the "ready reckoner" rates for FY26. Ready Reckoner rates, used for property valuations related to stamp duty and taxes, were increased for the first time in two years, dampening sentiment in the sector. The India VIX rose 8.37% to 13.78, reflecting heightened market fluctuations. With global trade policies in focus, volatility is expected to remain elevated over the next few days

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