India’s benchmark indices opened in the red on Thursday, a day after the U.S. imposed 50 percent tariffs on Indian imports, weighing on market sentiment.
At 9:50 am, the Nifty was down 0.63 percent at 24,557.10, while the Sensex slipped 0.65 percent to 80,253.93.
Market experts said the tariffs have temporarily clouded sentiment, though upcoming domestic reforms and policy measures could provide support in the near term.
“Today, being both the monthly expiry and the day after tariff implementation, negative sentiment is likely to dominate. However, after nearly 12 months of underperformance, Indian markets are setting up for better days. That could come after another sharp correction or as early as the GST Council meeting on September 4,” said banking and market expert Ajay Bagga.
Bagga also pointed to “conflicting signals from within the Trump administration” that are fueling policy uncertainty. “Democrats in the U.S. are calling Trump’s sanctions on India a self-goal,” he added.
Meanwhile, Prime Minister Narendra Modi’s upcoming visits to Japan and China are being closely tracked, as India’s pivot towards Asian partners gains significance in light of U.S. trade frictions.
Broader markets also mirrored the weakness. The Nifty 100 fell 0.45 percent, Nifty 200 slipped 0.41 percent, Nifty Smallcap 100 declined 0.33 percent, and Nifty Midcap 100 edged down 0.22 percent.
Among sectors, Nifty Auto stood out with a 0.37 percent rise, while Nifty FMCG dipped 0.06 percent, Nifty Metal fell 0.34 percent, Nifty Pharma eased 0.13 percent, and Nifty PSU Bank dropped 0.27 percent.
Anand James, Chief Market Strategist at Geojit Financial Services, said: “With benchmarks slipping into bear territory, near-term objectives are set at 24,071–23,860. A nearly 2 percent fall in four days, however, has left room for a possible rebound, with resistances at 24,780 and 24,870. Failure to stay above 24,630 or clear 24,900 would indicate bears remain in control.”
Across Asia, markets were mixed. Japan’s Nikkei 225 gained 0.47 percent, while Hong Kong’s Hang Seng fell 0.74 percent. Taiwan’s Weighted Index slipped 0.42 percent, whereas South Korea’s KOSPI added 0.52 percent.
(With inputs from ANI)
