New Delhi, April 5: The new financial year (FY26) has commenced on a subdued note, largely driven by the imposition of higher-than-anticipated tariffs by the US, market experts said on Saturday, adding that any constructive developments arising from the ongoing India–US bilateral trade negotiations could serve as a supportive catalyst for the market.

Sectors like IT and metals have underperformed relative to the broader market, reflecting growing concerns over the outlook for the US economy and potential retaliatory trade actions by other countries.

According to Vinod Nair, Head of Research, Geojit Investments Limited, investors are expected to closely monitor any countermeasures implemented by global trade partners, which could further exacerbate geopolitical and economic uncertainty.

This cautious sentiment is reflected in the sustained rally in gold and bond prices, underscoring a pronounced shift toward safe-haven assets.

Meanwhile, benchmark indices extended their losing streak to a second session on Friday, falling over a per cent each, as a risk-off sentiment took over global markets amid fears of a trade war on the back of US President Donald Trump’s reciprocal tariffs, according to a Bajaj Broking Research note.

Nifty was down 345.65 points or 1.49 per cent at 22,904.45. Investors fear that aggressive trade policies by US would lead to retaliatory measures from other countries, escalating into a full-scale trade war. Such an outcome could disrupt global supply chains and slow economic growth.

The broader markets witnessed sharp decline, with the Nifty Midcap 100 and Nifty Small cap 100 declining by 2.91 per cent and 3.56 per cent, respectively. All the sectoral indices traded with sharp cuts, with the IT, Auto, Pharma, PSU Bank, Realty, Oil and Gas and metals gauges losing 6 per cent to 3 per cent.

Index is currently placed around the key support area of 22,700-22,800, holding above the same will be crucial for pullback to materialise towards last week high 23,565 in coming week.

“Failure to hold above the support area of 22,700 can lead to extended decline towards 22,300 levels. Along with the development on US tariff policies, market participant will also keep a close eye on the RBI monetary policy outcome and resumption of Q4 FY25 earnings season in the coming week,” said Bajaj Broking Research.

Investor attention is also firmly fixed on the upcoming MPC meeting, with the benchmark interest rate decision expected next week.

A favourable outcome could benefit rate-sensitive sectors. In addition, key macroeconomic indicators — namely India’s inflation figures and US jobless claims — will be closely watched, as they are likely to offer critical insights into the underlying economic conditions in both regions, said experts.

Meanwhile, market focus is gradually shifting toward the upcoming corporate earnings season. The initial outlook remains subdued, with the risk of further downward revisions to earnings growth, largely due to tepid demand and continued margin pressures.

Raipur, April 5: Union Home Minister Amit Shah will assess the progress of the ongoing anti-Naxal operations in Chhattisgarh on Saturday.

HM Shah’s two-day trip to the state is centred around reviewing the effectiveness of security measures in the Left Wing Extremism-affected regions of Bastar and Gariaband.

HM Shah arrived at Swami Vivekananda Airport in Raipur at around 9:30 p.m. on Friday, where he was welcomed by Chief Minister Vishnu Deo Sai, Deputy CM Vijay Sharma, and other senior officials. From there, he headed to a hotel in Nava Raipur to prepare for his engagements.

The primary focus of his visit will be a high-level meeting scheduled for today, where he will evaluate the ongoing anti-Naxal efforts in the state.

HM Shah is expected to directly review the security situation in Bastar, a key region hit by insurgency. The meeting will specifically concentrate on operations in Dantewada, Bijapur, and Kanker, the districts most affected by Naxal violence.

In addition to meeting with security personnel involved in these operations, HM Shah will assess the strategies employed to curb the Naxal threat.

The visit comes at a time when Chhattisgarh has seen significant success in its fight against Naxalism.

In 2025 alone, at least 130 Naxalites have been killed in encounters, with more than 110 of these deaths occurring in the Bastar division.

Over 105 Naxalites have been arrested, while 164 others have voluntarily surrendered as part of the ongoing peace restoration efforts.

On Saturday, HM Shah will visit Dantewada, a key Naxal stronghold, where he will also offer prayers at the Maa Danteshwari Temple. Later, he will attend the closing ceremony of the ‘Bastar Pandum’ festival, a cultural event showcasing the rich traditions, art, and cuisine of the tribal communities in the region.

This visit underscores the government’s broader strategy to eliminate the Naxal threat by March 31, 2026.

Pune, April 4: The Maharashtra government has issued a notice to Ola Electric Mobility Limited, asking the company to explain why some of its stores in the state are operating without valid trade certificates.

According to the notice from the Transport Commissioner’s Office, several Ola Electric showrooms and service centres in Maharashtra are being run without the required documents.

The notice also accuses the company of illegally selling vehicles through these unauthorised outlets.

According to media report, the notice, dated March 31, gives the company three days to respond.

“This is a very serious matter, and you are requested to provide an explanation within three days as to why action should not be taken against your company for this act,” the notice said.

It was reportedly signed by Joint Transport Commissioner Ravi Gaikwad. However, as of now, Ola Electric has not responded officially on the issue.

The notice follows an earlier inspection drive initiated by the state transport authority.

On March 21, NDTV Profit had reported that Maharashtra’s Transport Commissioner had instructed all Regional Transport Offices (RTOs) to carry out special checks at Ola Electric stores.

These inspections reportedly revealed that many outlets were functioning without the necessary trade certificates.

As per the Central Motor Vehicles Act, 1988, and the Central Motor Vehicle Rules, 1989, every vehicle distributor or manufacturer must obtain a trade certificate to register and sell vehicles.

In addition, Rule 35 of the same law states that each showroom or dealership must have a separate certificate from the concerned registration authority.

The shares of the electric two-wheeler manufacturer closed lower by Rs 1.42 or 2.63 per cent to close the intra-day trade at Rs 52.62 on the National Stock Exchange (NSE).

Earlier this week, the company saw a sharp drop in its electric two-wheeler sales in March 2025, selling 23,430 units — a steep 56 per cent decline compared to the same month last year.

The company said on April 1 that the fall was mainly due to disruptions caused by its recent shift to handling vehicle registrations in-house, a process that began in February.