India's benchmark Nifty set to rebound after $280 billion wipeout in three sessions
April 8 (Reuters) - India's benchmark Nifty 50 is set to open higher on Tuesday, rebounding after it logged its steepest single-day drop in 10 months as a U.S. tariff-fuelled selloff triggered anxiety among investors.
The GIFT Nifty futures were trading at 22,683 as of 8:03 a.m. IST, indicating that Nifty (.NSEI), opens new tab will open 2.3% higher than its Monday close of 22,161.6.
The total market value of all NSE-listed companies has fallen by $280 billion in three sessions since the announcement of U.S. tariffs.
Foreign institutional investors sold Indian shares worth $1.05 billion on Monday, the highest daily outflow since February 28. Domestic institutional investors bought $1.41 billion of shares.
Other Asian markets, which tumbled on Monday, also opened higher on the day. The MSCI Asia ex-Japan index (.MIAPJ0000PUS), opens new tab added 0.2%, Japan's Nikkei 225 (.N225), opens new tab traded 5.7% higher, and the Hang Seng index (.HIS), opens new tab rose 2.5%.
Most Wall Street equities closed lower overnight, with mounting concerns over an economic slowdown and rising inflation due to Trump's tariff plans weighing on sentiment.
While Indian equities could likely rebound, "the current investor sentiment is characterised by uncertainty and fear, and it will persist till the time a new normal for global trade is established," said Shiv Chanani, fund manager of equity at Baroda BNP Paribas Mutual Fund.
The Nifty volatility index (.NIFVIX), opens new tab - or the fear index - jumped 66% to 22.79, the biggest daily rise in 10 years.
"The dramatic rise in the volatility index highlights a surge in market anxiety and signals uncertainty among investors ahead of the Reserve Bank of India's monetary policy meeting," said Dhupesh Dhameja, derivatives research analyst at SAMCO Securities.
The RBI is widely expected to cut 25 basis points on Wednesday amid expectations that its monetary policy could likely turn more supportive as tariffs threaten to hurt economies globally.
STOCKS TO WATCH
** Jeweller and watchmaker Titan (TITN.NS), opens new tab says fourth-quarter revenue grew 25% on surging gold prices
** Indian government signs 23.85-billion-rupee ($277.80 million) contract with Bharat Electronics (BAJE.NS), opens new tab for electronic warfare suites, aircraft modification kits
** Automaker Mahindra & Mahindra (MAHM.NS), opens new tab reports, opens new tab total production of 88,701 units in March, up 23.5% year-on-year
** Sobha (SOBH.NS), opens new tab says its sales value logged a sequential growth of 32.2% in the March quarter
($1 = 85.8520 Indian rupees)
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