Mehul Choksi, accused of defrauding Punjab National Bank of over ₹13,500 crore, was arrested in Belgium after evading Indian authorities for nearly seven years. He was reportedly preparing to flee to Switzerland for medical reasons when Belgian authorities, acting swiftly on the request of India’s Central Bureau of Investigation (CBI) and Enforcement Directorate (ED), arrested him. Following his arrest, Indian agencies quickly moved to invoke the India-Belgium extradition treaty and submitted a formal request for his return.

The treaty outlines several key provisions, one of the most important being the principle of dual criminality—meaning the crime must be considered an offence in both countries. The requesting country must also submit strong evidence of the accused’s conviction or criminal activity if a trial has not yet taken place. Additionally, neither country is obligated to extradite its own citizens, and extradition can be refused if the case appears politically motivated. The treaty also enforces specific deadlines: a formal request must be made within 14 days of the arrest, and substantial evidence must be submitted within two months, or else the accused may be released. Furthermore, an extradited person cannot be tried for any new offence unless they are first given an opportunity to return, and they cannot be handed over to a third country without the home country’s approval.

India formally requested Choksi’s extradition from Belgium in August 2024, shortly after tracking him down in Antwerp through the CBI’s global operations center. After his arrest, the Indian government submitted a detailed legal request under several sections of the Indian Penal Code, including 120B (criminal conspiracy), 201 (destruction of evidence), 409 (criminal breach of trust), 420 (cheating), and 477A (falsification of accounts), along with sections 7 and 13 of the Prevention of Corruption Act, which deal with bribery. According to CBI officials, Belgium examined the request thoroughly and was satisfied that the charges were considered crimes under Belgian law as well. The dual criminality condition was fulfilled, strengthening India’s case for extradition. Now, with legal procedures underway, the chances of bringing Mehul Choksi back to face trial in India are stronger than ever.

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The Indian stock market surged during early trading on April 15 after US President Donald Trump announced a possible relaxation of specific new tariffs. Although a minimum 10% tariff rate remains in place, the possibility of exemptions sparked strong investor confidence and drove up market indices.

2. Sensex and Nifty Rally Sharply

By 10 AM, the BSE Sensex jumped by 1,595.37 points or 2.12%, reaching 76,752.63, while the NSE Nifty climbed 481.70 points or 2.11%, touching 23,310.25. This recovery came after a massive drop the previous day, reflecting positive market sentiment driven by global trade optimism.

3. Top 10 Gainers on the Sensex

Tata Motors and Larsen & Toubro were the top gainers, each rising by 4.78%. Other big movers included IndusInd Bank (4.06%), M&M (3.73%), HDFC Bank (3.52%), Adani Ports (3.36%), Axis Bank (2.91%), ICICI Bank (2.45%), Bajaj Finance (2.19%), and Bharti Airtel (2.15%).

4. Top 10 Gainers on the Nifty

Shriram Finance led the Nifty gainers with a 4.81% rise, followed by Tata Motors (4.77%), Larsen & Toubro (4.34%), IndusInd Bank (3.97%), M&M (3.86%), Trent (3.57%), HDFC Bank (3.47%), Adani Ports (3.41%), Dr Reddy’s (3.24%), and Axis Bank (2.97%).

5. Trump’s Comments on Auto Tariffs

Donald Trump said at the White House that he was considering modifying the 25% tariffs on foreign auto and auto parts imports. He acknowledged that carmakers need more time and flexibility to adjust production, hinting at supportive policies ahead for global manufacturers

6. Investor Confidence Returns

The 90-day pause on reciprocal tariffs, including for countries like India, eased fears of a global trade war. This led to a sharp rebound in markets. The possibility of relaxed duties on key sectors like automobiles encouraged investors to return to equities, boosting both Sensex and Nifty.

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Amid the ongoing trade war between the United States and China, Beijing on Wednesday hit back at Donald Trump’s 104 per cent tariffs with its own additional tariffs of 84 per cent, up from the previous 34 per cent, on all American goods. The Chinese finance ministry said that these additional tariffs will be imposed on goods from the US from April 10, news agency Reuters reported. Beijing had previously announced a retaliatory tariff of 34 per cent on American goods.

China’s commerce ministry also announced that it has added 12 US entities to its export control list, while including 6 American entities to its “unreliable entity” list.

ALSO READ | Donald Trump hits China with 104% tariffs amid ongoing trade tensions

Soon after the announcement, the US stock index futures also reportedly took a sharp dive.

This comes just a day after Trump imposed a 104 per cent tariffs on China, with the White House press secretary saying that the additional tariff will be collected from Wednesday, April 09.

Trump’s move was in response to China’s retaliation to his reciprocal tariffs, with the President on Tuesday saying that he was waiting for a response from China before implementing duties exceeding 100 per cent.

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The reaction comes in light of Goldman Sachs lowering India’s growth outlook by 20 to 40 basis points, now placing it at 6.1% for FY 2025-26. Economists attribute the dip to escalating trade tensions triggered by the US imposing a 26% tariff on Indian imports, with even higher rates targeting other major economies like China.

One of the most vulnerable sectors is India’s diamond export industry, which depends heavily on US demand. The sector is expected to take a major hit, threatening thousands of jobs.

Officials have confirmed that discussions are underway with key ministries and export associations to analyze the overall impact and possible responses. At least four to five proposals have been submitted to support the affected industries. These include extension of interest subsidies, export diversification support, and access to additional bank credit.

A separate finance official stated that while the situation is being closely monitored, India’s fiscal stability is not expected to be significantly impacted by the current trade shifts.

India reportedly does not plan to retaliate immediately, instead favoring a negotiation route to de-escalate tensions.

The stock market reacted sharply to global concerns, with the Sensex plummeting over 3,900 points in early trade on Monday. Investors lost more than ₹20 lakh crore in market value as the index logged one of its steepest falls since the COVID-19 pandemic.

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At the opening bell, the Sensex tumbled by 3,939.68 points to hit 71,425.01, while the Nifty dropped sharply by 1,160.8 points to 21,743.65, marking an almost 5% decline. Technology and export-oriented companies took the biggest hit due to their high revenue exposure to the US. Tata Steel fell more than 8%, followed by Tata Motors with over a 7% decline. HCL Tech, Infosys, Tech Mahindra, L&T, TCS, and Reliance Industries were also among the major laggards.

This has turned out to be the worst market opening in India since the COVID-19 outbreak.

What’s causing the market crash

Global markets have been under heavy selling pressure following Trump’s tariff announcement targeting all trading partners of the US. The move sparked concerns over a full-blown global trade war. Countries like China, Canada, and Mexico have already announced countermeasures, heightening uncertainty.

Investors are growing more concerned that the potential for a global recession now outweighs inflation concerns driven by rising tariffs. “China and Japan’s indices have dropped by 10% and 8%, respectively, increasing the chances of a deeper trade war. This could drag the global economy toward recession,” said Vikas Jain, Head of Research at Reliance Securities.

Last Friday, US markets saw one of their worst sessions since the pandemic — the S&P 500 fell 6%, while the Dow Jones lost over 2,000 points. China also declared a retaliatory tariff hike of 34% on all US imports starting April 10.

Such aggressive tariff increases are likely to push up prices globally, slow economic growth, and worsen trade relationships. US inflation data expected this week may show a 0.3% increase for March, but analysts believe prices could soon spike further — affecting essentials like food and automobiles.

Rising input costs are set to eat into company profits as Q1 earnings season begins. Around 87% of US companies are scheduled to report between April 11 and May 9. “We expect fewer companies to issue forward guidance this season,” Goldman Sachs analysts noted.

They further warned, “Higher tariff rates could leave companies with a choice — raise product prices or accept tighter margins. Either way, we foresee negative adjustments to profit margin expectations in the coming quarters.”

US Federal Reserve Chair Jerome Powell also remarked that Trump’s tariff measures were “larger than expected,” adding that inflation and growth would both likely be impacted, leaving the economic outlook uncertain.

The Nasdaq officially slipped into bear market territory last Friday, while oil and commodity prices also crashed amid the global sell-off triggered by the US tariff announcement.

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tock Market Live: US President Donald Trump’s reciprocal tariff announcement on several trade partners, including India and the EU, sent yet another shockwave across the global markets amid worries of a fall in corporate earnings and higher inflation. A 10 per cent “baseline tariff” takes effect at 12:01am (0401 GMT) on April 5, while elevated rates for those the White House deemed “the worst offenders” kick in at 12:01am on April 9, according to a news agency AFP report.

While the European Union faces a 20 per cent rate and China 34 per cent, Trump has imposed a 26 per cent added rate on India and 25 per cent on South Korea and 24 per cent on Japan.

Trump’s reciprocal tariffs | Key points

• A commerce ministry official told news agency PTI that the impact on India was a “mixed bag and not a setback”. The official also said that the ministry was analysing the impact on India’s trade and noted that the Trump administration has expressed willingness to slash tariff rates if its concerns on trade are addressed.

• In the United States, stocks future fell as Trump spoke, with S&P 500 futures ending with a shrink over 3.5% while contracts on the Nasdaq 100 slid 4.5%. S&P 500 finished Wednesday’s regular trading session 8% below its February record high.

• In currencies, the dollar fell 0.9% against the yen at 148 yen, while the Mexican peso was about 0.4% lower. Prices of “safe haven” assets such as gold and treasury rose.

• West Texas Intermediate, the US oil price, and copper, a popular measure of global output, both fell at least 2% early Thursday in Asia.

• Apple Inc., whose supply chain is heavily dependent on China, fell as much as 6.9% as Beijing was slapped with a 34% tariff rate.

• Chipmakers such as Nvidia Corp. and Advanced Micro Devices Inc. were down, as were multinationals Caterpillar Inc. and Boeing Co.

• Adam Hetts at Janus Henderson Investors told Bloomberg that “Eye-watering tariffs on a country-by-country basis scream ‘negotiation tactic,’ which will keep markets on edge for the foreseeable future.”

• Don Calcagni, chief investment officer at Mercer Advisors, said the tariffs are ill-suited for the global economy. “We are very early innings on what could unfortunately turn into a very serious global trade war,” Calcagni told Reuters.

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A Renewed Criticism
Leavitt emphasized that such high tariffs hinder American exports, citing the impact on Kentucky bourbon. She presented a chart marking India’s tariffs in tri-color circles, underscoring the disparity. Former President Donald Trump has also repeatedly criticized India’s trade policies, calling for “fair and balanced trade practices.”

India’s Stand on Tariff Negotiations
Commerce secretary Sunil Barthwal clarified that negotiations with the US are ongoing and no agreement has been finalized. This contradicts Trump’s claim that India has already agreed to lower tariffs. The issue remains a key point of contention in Indo-US trade relations, with both sides yet to reach a resolution.

As the debate over tariffs continues, India and the US must navigate these trade tensions to strike a balance between protecting domestic industries and fostering international trade. The outcome of these negotiations could shape future economic ties between the two nations.

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Market Performance at Open

At 9:15 AM, the BSE Sensex fell by 176.47 points (0.24%), settling at 74,163.62. Similarly, the NSE Nifty dropped by 36.05 points (0.16%), reaching 22,508.65.

The decline in market sentiment comes after former U.S. President Donald Trump announced in a joint session of the U.S. Congress that he would be imposing reciprocal tariffs on countries like India starting April 2.

Top Losers at Market Open

Among the 30 Sensex stocks, Infosys recorded the biggest drop, falling 1.45% to ₹1,688.40. Other major losers included:

• Tech Mahindra: Down 1.24%, trading at ₹1,485
• Zomato: Down 1.15%, trading at ₹222.80

Only six Sensex stocks opened in the green.

Sectoral Performance

Among Nifty sectoral indices, the worst performers were:

• Bank Nifty: Down 0.34%, settling at 48,463.80
• Financial Services: Down 0.32%, at 23,089.35
• Nifty IT: Down 0.31%, at 38,028.15

Market Close on Previous Session

Despite the weak opening, the stock market had ended in positive territory on Thursday for the third consecutive session.

• BSE Sensex closed 609.86 points up (0.83%) at 74,340.09
• NSE Nifty ended 207.40 points higher (0.93%) at 22,544.70

According to Kunal Kamble, Senior Technical Research Analyst at Bonanza, the Nifty index formed a Higher High and Higher Low pattern, signaling short-term bullish momentum.

• Resistance Level: 22,720
• Support Level: 22,440 (Below this, the index may drop to 22,200)

Top Gainers from the Previous Session

• Asian Paints: Up 4.70%, closing at ₹2,267.10
• NTPC: Up 3.41%, closing at ₹337.75
• Reliance Industries: Up 2.96%, closing at ₹1,210.55

Only five of the 30 Sensex stocks closed in the red.

Sectoral Gains from the Previous Session

• Nifty Oil & Gas Index: Up 2.59%, closing at 10,045.85
• Nifty Metal Index: Up 2.34%, reaching 8,888.65
• Nifty Pharma Index: Up 1.47%, at 20,423.35

The Oil & Gas sector gained amid rising global crude oil prices, with Brent Crude increasing by 0.36% to $69.71 per barrel (May contracts), while WTI Crude rose 0.32% to $66.57 per barrel (April contracts).

Foreign and Domestic Investor Activity

• Foreign Institutional Investors (FIIs): Net sellers, offloading ₹2,377.32 crore worth of equities
• Domestic Institutional Investors (DIIs): Net buyers, investing ₹1,617.80 crore

As market volatility continues, investors remain cautious ahead of global trade tensions and economic policy changes.

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