Mumbai (Maharashtra) [India], April 3 (ANI): The Indian stock indices closed Thursday's session lower, weighed down by the heat of the US administration's reciprocal tariffs imposed on partner countries, including India.

At the end of the trading today, Nifty 50 was down at 23,250.10, declining by 82.25 points or 0.35 per cent, while the Sensex declined 322.08 points or 0.42 per cent at 76,295.36.

'The market's measured response to the US tariffs reflects expectations of ongoing trade discussions between India and the US, as well as the possibility of higher tariffs impacting other countries more significantly, limiting the impact on Indian exports, said Ajit Mishra - SVP, Research, Religare Broking Ltd.

'The primary catalyst for today's decline was deteriorating global sentiment, exacerbated by US President Trump's announcement of a 27 per cent reciprocal tariff on Indian imports. Additionally, a 25 per cent tariff on auto component imports further dampened market sentiment, prompting a cautious stance among investors,' said Sundar Kewat, Technical and Derivatives Analyst, Ashika Institutional Equity.

'Meanwhile, Washington and New Delhi aim to negotiate a comprehensive trade deal by end-2025. A likely tariff swap could see the US rolling back tariffs in exchange for India reducing duties on autos, agri-products, and alcohol. Defence deals may serve as goodwill gestures to unlock progress on trade irritants,' said Vikram Kasat, Head - Advisory, PL Capital - Prabhudas Lilladher.

At the National Stock Exchange (NSE), Power Grid Corp, Sun Pharma, UltraTech Cement, Cipla, and Shriram Finance emerged as the major gainers. On the other hand, TCS, HCL Technologies, Tech Mahindra, Infosys, and ONGC were the major losers.

Sectoral trends remained mixed, keeping traders engaged--pharma and banking, particularly PSU banks, outperformed, while IT and auto sectors lagged.

Broader markets, however, maintained their strength, with both midcap and smallcap indices closing in the green.

According to the market analysts, the market's sentiment is impacted by the US tariff announcement, which is effective from April 5.

In today's trade, despite the decline, Nifty Pharma surged 5 per cent as pharma products were exempted from the US tariffs, while IT fell 3 per cent.

Auto stocks struggled during the trading session; meanwhile the gold hit a record USD 3,164 per ounce as investors sought safe-haven assets. (ANI)