Mumbai (Maharashtra) [India], February 3 : Indian stock markets bled in the opening session on Monday amid the imposition of tariffs by US President Donald Trump on China, Canada, and Mexico.
The Nifty index declined by 0.9 per cent to 23,271.35, while the BSE Sensex lost 600 points in opening session at 76,910, down by 0.8 per cent.
Experts noted that Trump's imposition of tariffs has made markets volatile globally. Although Trump did not impose any tariffs on India, the effect could be felt on Indian indices as well.
Ajay Bagga Banking and Market Expert told"A doom loop starts for global economies and markets start going down in anticipation. Trump 2.0 fears are at the centre of the plate today and safe haven buying of gold, Swiss franc, Yen will be the only place to hide in these Tariff wars induced risk off fire storm. Trump Tariffs have become a grim reality for the markets, geopolitics and economies globally"
US President Donald Trump announced a 25 per cent tariff on imports from Canada and Mexico and a 10 per cent tariff on Chinese goods.
In the sectoral indices on the National Stock Exchange (NSE), except Nifty Pharma, all other sectors faced selling pressure and bled in the opening session.
Nifty IT declined the most, falling by more than 1 per cent, followed by Nifty Metal and Nifty Bank, which were down 0.87 per cent. However, Nifty Auto remained almost flat in the opening session.
In the Nifty 50 list, 45 stocks were on a declining trend in the opening session, while only five stocks gained at the time of filing this report. Maruti Suzuki and Eicher Motors emerged as the top gainers in Nifty 50.
Among major corporate developments, several companies are set to announce their third-quarter financial results on Monday, including Power Grid Corporation of India, Divis Laboratories, General Insurance Corporation of India, Tube Investments of India Ltd, Sundaram Finance, Premier Energies, and Aditya Birla Capital.
"The Nifty 50 closed last week at 23,482, Key support levels for the Nifty are 23,380 and 22,800, while resistance lies at 23,850. Following this FII selling, we have witnessed an outflow of Rs 2,64,777 crores in the last four months, which has resulted in a market correction of nearly 13 per cent. Currently, the Nifty is hovering near resistance. A breakout above this resistance indicates a strong bullish uptrend, while a pullback from resistance at 23,850 could occur" said Sunil Gurjar, SEBI Registered Research Analyst, Founder- Alphamojo Financial Services.
At the time of filing this report, almost all Asian indices were trading in the red. The Taiwan Weighted Index faced the highest selling pressure, down by more than 4 per cent. South Korea's KOSPI declined by more than 3 per cent, Japan's Nikkei lost 2.48 per cent, and Indonesia's Jakarta Composite Index was down 1.79 per cent.
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