Share Markets Bleed, Sensex Crashes Over 350 Points, Nifty Tests 26,200
Notably, the GIFT Nifty slipped around 30 points to breach the 26,400 mark at about 8:37 AM, signalling a cautious and muted start for domestic equities today.
The Indian stock markets opened trading on Tuesday with a negative sentiment. The BSE Sensex rang the opening bell at 85,070, crashing more than 350 points, while the NSE Nifty50 started the day just below 26,200, falling over 50 points.
Notably, the GIFT Nifty slipped around 30 points to breach the 26,400 mark at about 8:37 AM, signalling a cautious and muted start for domestic equities today.
In the 30-share Sensex, Trent, ITC, Reliance, Adani Ports, and HDFC Bank remained the only stocks in red. Meanwhile, the gainers in the opening hour included Kotak Bank, Tech M, ICICI Bank, Bajaj Finserv, and Asian Paints.
In the previous trading session on Monday, both benchmarks closed lower after failing to sustain early gains, weighed down by losses in heavyweight stocks such as HDFC Bank, Reliance Industries and IT majors, amid renewed geopolitical and trade-related concerns.
The Sensex declined 0.38 per cent to settle at 85,439.62. After touching a fresh lifetime high of 26,373.20 during the session, the Nifty failed to hold on to higher levels and closed 0.30 per cent lower at 26,250.30.
Tariff Concerns And PMI Data
Market sentiment remained guarded as investors largely stayed on the sidelines amid escalating geopolitical tensions following the US attack on Venezuela over the weekend, according to Ashika Institutional Equities. Concerns were further amplified by fresh warnings from the US administration on the possibility of raising tariffs on Indian imports.
Investors are also on the lookout for domestic macroeconomic data such as Services PMI, scheduled to be released today morning.
President Donald Trump, speaking to reporters aboard Air Force One on Sunday, said India could face swift tariff hikes. “They do trade, and we can raise tariffs on them very quickly. It would be very bad for them,” Trump said, while also describing Prime Minister Narendra Modi as “a very good man”.
Trump’s remarks followed comments by US Senator Lindsey Graham, who said tariffs imposed by the US were a key reason India was now buying substantially less Russian oil. Graham also referred to his proposed tariff bill seeking to impose 500 per cent levies on imports from countries purchasing Russian oil.
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