Sensex, Nifty Open Lower Amid Uncertainty Around Trump Tariffs
The Indian equity market indices opened lower on Friday, weighed down by global uncertainty surrounding US President Donald Trump’s trade policies, as he continues to threaten elevated tariffs across various sectors and countries.
Mumbai: The Indian equity market indices opened lower on Friday, weighed down by global uncertainty surrounding US President Donald Trump’s trade policies, as he continues to threaten elevated tariffs across various sectors and countries.
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Benchmark Indices in Red
At 9:20 am, the Sensex was down 224 points or 0.27 per cent at 82,965, while the Nifty shed 65 points or 0.26 per cent to trade at 25,289.
Midcap and Smallcap Stocks Show Marginal Gains
Despite weakness in large-cap indices, marginal buying was witnessed in midcap and smallcap stocks. The Nifty Midcap 100 index was up 60 points or 0.10 per cent at 59,220, while the Nifty Smallcap 100 index edged higher by 11 points or 0.06 per cent at 18,967.
Analysts Advise Caution Amid Volatility
Analysts noted that given the current environment of uncertainty and elevated volatility, traders are advised to adopt a cautious “wait and watch” stance, especially for leveraged positions. Booking partial profits on rallies and using tight trailing stop-losses was recommended.
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Sensex Gainers and Losers
Among the Sensex constituents, HUL, Asian Paints, Axis Bank, NTPC, Power Grid, Tata Steel, SBI, Adani Ports, Sun Pharma, and ITC emerged as major gainers. Conversely, TCS, Infosys, M&M, Tech Mahindra, HCL Tech, Bharti Airtel, Bajaj Finserv, and Trent were prominent losers.
Sectoral Performance Mixed
On the sectoral front, PSU Bank, financial services, pharma, FMCG, and metal indices traded in the green. Meanwhile, auto, IT, realty, and media sectors were under pressure.
Asian Markets Trade Mixed
Asian stock markets traded mixed on Friday. Japan’s Nikkei 225 and South Korea’s KOSPI hovered around flat levels, while China’s Shanghai Composite and Hong Kong’s Hang Seng climbed over one per cent.
Alos Read: Gold Prices Rise on July 10, Silver Prices Dip
Wall Street Hits Record Highs
Overnight in the US, Wall Street’s major indices posted record closing highs. The Dow Jones rose 0.43 per cent, and the S&P 500 gained 0.27 per cent, while the tech-heavy Nasdaq Composite also hit new peaks.
FIIs and DIIs Continue Buying
Foreign institutional investors (FIIs) bought equities worth ₹221 crore on July 10. Domestic institutional investors (DIIs) were net buyers as well, purchasing equities worth ₹591 crore on the same day.
Trump’s Tariff Threats Fuel Global Jitters
President Trump recently announced a 35 per cent tariff on imports from Canada, effective August 1, warning of further increases if Ottawa retaliates. Additionally, Trump has threatened to impose a 50 per cent tariff on Brazilian imports unless Brazil halts legal proceedings against former President Jair Bolsonaro.
