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This past week witnessed severe turmoil in the global economy, driven by escalating trade tensions between the U.S. and China. Significant losses in U.S. stock markets, the highest tariffs in over a century, and rising recession fears characterized this pivotal period, prompting investors and policymakers to brace for further volatility.

Metal shares experienced a significant decline on Friday, with the Nifty Metal index dropping 6.6%. Concerns about a potential global trade slowdown due to US tariffs on Indian imports and other countries diverting exports to India were the main reasons. Experts advise caution in the sector until the situation becomes clearer, with domestic-focused companies potentially better positioned.

The dollar index declined to 101.27, but mildly strengthened to 102.66 later during the day. The rupee moved in the range of 84.95-85.33 to a dollar.

Yields of the 10-year US T-bill were trading at 3.92% on Friday, a day after the US announced reciprocal tariffs, against 4.05% the previous day. Market participants expect the new 10- year paper to be auctioned on May 2.

NSE Nifty fell 1.5%, or 345.65 points, to finish at 22,904.45. BSE Sensex dropped 1.2%, or 930.67 points, to 75,364.69. The slump wiped out ₹10 lakh crore in market value Friday.

Bank of America Securities remains cautious about the valuation of Indian equities due to US reciprocal tariffs impacting all trading partners. With an expected sub-7% return for the Nifty in 2025 and potential declines in small and mid-cap stocks, the brokerage favors domestic cyclical industries over globally-linked ones.

He said April 2-when Donald Trump announced the imposition of tariffs on imports into the US-is an impoverishment day, not a liberation day, as termed by President Trump. On Thursday, Wall Street posted its worst day since 2020 in response to the announcement of worldwide tariffs the previous night.

The Dow Jones Industrial Average, S&P 500 and the Nasdaq Composite posted their largest two-day declines since the emerging coronavirus caused global panic during U.S. President Donald Trump s first term. For Thursday and Friday, the Dow was down 9.3%, the S&P 500 10.5% and the Nasdaq 11.4%.

Prices of silver dropped to over eight-week lows on Friday as concerns about demand for the industrial precious metal dominated sentiment due to recession fears stemming from U.S. President Donald Trump s slew of tariffs.