From Surge to Slump: Trent, IndiGo, SBI Fall Up To 9% In 2 Days As Nifty Takes U-Turn After Trump's Iran Speech

A sharp reversal in market sentiment after US President Donald Trump’s speech on the Iran war has turned several Nifty 50 stocks into “yo-yo plays”, with stocks that rallied strongly in the previous session witnessing steep declines on Thursday.

The broader market came under pressure after comments by Donald Trump escalated geopolitical tensions

, triggering a surge in crude oil prices and a risk-off mood across global markets.

In a nationally televised address, Trump said Washington will strike Iran “extremely hard” over the next two to three weeks. Following this, oil prices surged by over 4% to trade at nearly $105 per barrel. “We are going to hit them extremely hard over the next two to three weeks. We are going to bring them back to the Stone

Ages, where they belong,” the US President said.

Trent, IndiGo Drop Around 9% In Two-Day Reversal

Stocks such as Trent and InterGlobe Aviation led the volatility chart. After surging nearly 7% and 6% respectively in the previous session, both stocks fell over 2–3% in early trade on April 2, resulting in a two-day swing of more than 9%.

Adani Group stocks were also at the centre of this reversal. Adani Ports and Adani Enterprises, which had rallied strongly a day earlier, saw declines of up to 3%, wiping out a large part of their gains.

Yesterday’s Winners Turn Today’s Losers

Several frontline stocks that led Wednesday’s rally turned into sharp laggards today, emerging as classic “yo-yo stocks” amid the sudden shift in global cues:

Stock	April 1	April 2 (11:30 am)	Swing
Trent	+6.99%	-2.53%	-9.52%
InterGlobe Aviation	+6.02%	-3.49%	-9.51%
Adani Ports	+5.54%	-2.69%	-8.23%
State Bank of India	+3.92%	-3.55%	-7.47%
Adani Enterprises	+4.76%	-2.74%	-7.50%
Bharat Electronics	+4.51%	-1.12%	-5.63%
Larsen & Toubro	+2.95%	-3.10%	-6.05%
Shriram Finance	+3.26%	-3.19%	-6.45%
Mahindra & Mahindra	+2.60%	-2.63%	-5.23%

Banking & Cyclicals See Sharp Unwinding

The reversal was not limited to momentum names. Banking and cyclical stocks also saw aggressive profit booking.

State Bank of India, which had gained nearly 4% on Wednesday, dropped over 3.5% on Thursday. Similarly, Larsen & Toubro and Shriram Finance erased a significant portion of their previous session gains.

Auto major Mahindra & Mahindra and defence stock Bharat Electronics also joined the sell-off, reflecting broad-based weakness across sectors.

What Triggered the Sudden Mood Shift?

The sell-off comes after a sharp escalation in geopolitical rhetoric from Donald Trump, which dampened hopes of easing tensions in West Asia.

In a televised address, Trump said the US would strike Iran “extremely hard” over the next two to three weeks, warning of severe retaliation. The remarks jolted global markets that had just begun pricing in de-escalation.

Following this, crude oil prices surged over 4%, climbing close to $105 per barrel — a key trigger for risk aversion in equity markets.

Market participants said such volatility is typical in uncertain global environments, where high-beta stocks tend to see exaggerated moves on both sides.

A Stark Contrast to Wednesday’s Rally

The volatility is even more striking given the strong rally seen just a day earlier.

On April 1, Indian markets kicked off the new financial year on a strong note. The Sensex surged 1,186.77 points to close at 73,134.32, while intra-day gains crossed 2,000 points, driven by optimism around easing geopolitical tensions and global cues.

V K Vijayakumar, chief investment strategist at Geojit Investments Limited, said, “With President Trump’s declaration ‘we are going to hit Iran extremely hard in the next two to three weeks’, market sentiments have again turned negative. Brent crude spiked around 5% to $105 and the US 10-year bond yield again firmed up to 4.36 percent negatively impacting gold and silver prices, though marginally.”

Meanwhile, FPIs continued selling heavily with a sell figure of Rs 8331 crores on April 1. The high crude price, the widening trade deficit, the fear of declining remittances and sustained FPI selling are acting cumulatively to put high pressure on the rupee which continues to decline despite RBI’s decisions on restrictions on dollar futures deals, he added.

“President Trump’s statement that ‘we will finish the job in two to three weeks’ cannot be taken at face value since the president has been notoriously inconsistent in all his views. He can change his position anytime. The March auto numbers reflect great resilience in the sector, and this has the potential to keep auto stocks relatively strong even in an otherwise weak market,” Vijayakumar said.