Indian stock markets opened in the red on Thursday after the US announced a total tariff of 50% on Indian goods. The Sensex was trading down 670 points at 80,126, and the Nifty was down 171 points at 24,540. All indices of the Nifty 50 were down, although some select stocks showed gains.
Stock Market Today: The impact of the 50% tariff imposed by the US on India, effective from August 27, was clearly visible on the Indian stock market on Thursday morning. The BSE Sensex fell 670 points to 80,126 in early trade, and the NSE Nifty fell 171 points to 24,540. All indices of Nifty 50 were in the red. However, during this period, stocks like ETERNAL, Asian Paints, Maruti, Titan, and L&T saw gains, while दिग्गज stocks such as HCL Tech, HDFC Bank, Power Grid, Sun Pharma, and NTPC registered declines.
Opening of Sensex and Nifty
On Thursday morning, the BSE Sensex opened at 80,754.66 points. The Nifty started trading from the level of 24,695.80. In the initial session itself, both the major indices slipped downwards. By 9:23 am, the Sensex fell sharply by 670 points to 80,126. The Nifty was trading at 24,540.30, down 171.75 points or 0.70 percent.
All Indices in the Red
During early trading, all indices of the Nifty 50 were seen trading in the red. Global pressures and changes in US policy affected investor sentiment. A widespread selling environment was seen in the market.
Which Stocks Gained?
Amidst the decline, some select stocks showed strength. In the morning trade, ETERNAL, Asian Paints, Maruti, Titan, and L&T saw gains. These companies' shares saw a buying trend and remained stable amidst the market decline.
Which Stocks Declined?
On the other hand, the IT and banking sectors saw the most pressure. Shares of HCL Tech, HDFC Bank, PowerGrid, Sun Pharma, and NTPC fell. The weakness of the market deepened due to selling in these large companies.
Why the Additional Levy?
The US has clarified that this step has been taken due to India's continued purchase of crude oil from Russia. According to the US administration, this decision of India is a threat to America's strategic policies. For this reason, an additional fee of 25 percent has been added on top of the existing 25 percent tariff.
The notice also stated that if any goods from India reach the US even one second after the stipulated time, the new rule of 50 percent tariff will be applicable on them. This condition can create more difficulties for exporters from India to the US.
Impact on the Indian Market
The effect of this step by the US is being directly seen on the Indian stock market. Investors are worried that Indian exports will be heavily impacted and companies' earnings may decrease. This is the reason why continuous selling is being seen in the market.
State of the Previous Trading Day
Earlier, on Tuesday, the second trading day of the week, the market had also closed with a heavy fall. On that day, the Sensex fell 849.37 points to close at 80,786.54. The Nifty also closed at 24,712.05, down 255.70 points. The apprehension of US tariffs weakened investor sentiment and its impact was seen in two consecutive sessions.
