GIFT Nifty futures crash 830 pts; D-Street set for a bloodbath

The Indian equity market is staring at a brutal start to the week, with GIFT Nifty futures down 830.50 points or 3.62 per cent at 22,130.50, pointing to a gap-down opening on Monday. The carnage comes after a two-day global selloff triggered by renewed U.S.–China trade war tensions and recession fears.

Market Sentiment

Markets had been consolidating for over a week, but Friday's steep decline — over 2.5 per cent on benchmark indices — snapped that streak. Weak global cues have returned with a vengeance, as the Trump administration’s tariff push last week sparked panic selling across geographies. According to data, FII net short positions jumped to Rs 86,592 crore on Friday, up from Rs 73,190 crore on Thursday.

Key domestic events to drive volatility

Back home, investors are bracing for a data-heavy week. The MPC meeting outcome is scheduled for April 9, where the RBI's stance will be crucial given global uncertainties. This will be followed by IIP and CPI data on April 11, offering a clearer view of the macro landscape. Meanwhile, TCS kicks off the Q4 earnings season on April 10, making IT stocks the focal point mid-week.

Technical outlook: More pain ahead?

Analysts warn that sentiment remains extremely fragile. A breach below 22,900 on the Nifty could drag the index toward 22,676, while upside resistance stands at 23,100. A sustained move above that level may be needed to restore bullish confidence. India VIX, the volatility index, edged up 1.14 per cent to 13.76, signaling mounting fear.

Global selloff deepens: Wall Street, Asia in the red

Global cues remain toxic. S&P 500 futures plunged 3.6 per cent, Japan’s Topix dropped 7.6 per cent, and Australia’s ASX 200 fell 6.1 per cent, reflecting the widespread panic. Meanwhile, Euro Stoxx 50 futures slipped 4.2 per cent. Oil prices also tanked over 3 per cent, while gold hit its lowest in three weeks, showing even safe havens aren't safe.

Rupee weakens, FIIs flee

The rupee fell 14 paise to close at 85.44/USD, as foreign capital exited Indian shores. FPIs sold Rs 3,484 crore worth of equities on Friday, while domestic institutions tried to cushion the blow with Rs 1,720 crore in net purchases.

F&O ban list

No stocks have entered the F&O ban list for Monday’s session.

With multiple landmines — global panic, weak technicals, a wary rupee, and heavy FII shorting — D-Street is in for a stormy week, unless sentiment is revived by a dovish RBI or a surprise earnings beat from TCS. Buckle up.