Mumbai (Maharashtra) [India], January 27 (ANI): Indian stock markets witnessed a pointy decline throughout opening on Monday as US President Trump imposed commerce tariff on Columbia which dampened investor sentiment.
The Nifty 50 index opened at 22,940.15, falling by 152.05 factors or 0.66 per cent, whereas the BSE Sensex dropped 490.03 factors or 0.64 per cent to open at 75,700.43.
The market turmoil follows US President Donald Trump’s announcement of a 25 per cent tariff on Colombian imports. The transfer got here after Colombia refused to permit US navy planes carrying deported Colombian immigrants to land within the nation.
In response, Colombia has determined to make use of its presidential airplane to move the immigrants from Honduras. However, the injury to market sentiment seems to have been finished.
Experts famous that the “weaponisation” of tariffs and visa entry within the ongoing US-Colombia standoff has despatched shockwaves throughout world markets. While US-Colombia commerce volumes are comparatively small, the implications for different US commerce companions, together with Mexico, Canada, Europe, and China, have been unsettling.
Ajay Bagga, Banking and Market Expert informed ANI “Indian futures are weak pointing to a negative open. However, any resolution to the Colombian tariff issue will be sentimentally positive later in the day. Markets will remain on edge as the weekend deadline of February 1st approaches for Trump tariffs on Mexico and Canada. The hopes of any pre Union Budget 2025 rally in India have largely been negated by the global overhang on Emerging Markets due to the MAGAnomics consequences”.
Sectoral indices in India mirrored the grim temper, with Nifty Media, Metal, and Consumer Durables taking the toughest hit. Nifty IT additionally declined by 0.92 per cent. Out of the Nifty 50 shares, solely 4 had been buying and selling within the inexperienced, whereas the remaining had been within the crimson.
Meanwhile, main corporations like Coal India, Indian Oil Corporation, Tata Steel, Bajaj Housing Finance, Canara Bank, Adani Wilmar, and Petronet LNG are set to announce their Q3 earnings later in the present day, protecting traders on edge.
“The 23,000 level on the Nifty acts as a critical support. A break below this level could initiate a move towards 22,670, which corresponds to the 38.2 per cent Fibonacci retracement of the rally between 16,828 and 26,277. Currently, the Nifty is trading within a specific price range around support. A breakdown below support could identify more downward momentum, or the Nifty can bounce back from support. Furthermore, the upcoming budget is an important event that could push the market up or down. The budget could be a deciding factor in the direction of Nifty 50” mentioned mentioned Sunil Gurjar, SEBI Registered Research Analyst, Founder- Alphamojo Financial Services.
In different Asian markets, Japan’s Nikkei 225 fell 0.58 per cent, and Singapore’s Straits Times was down 0.26 per cent. However, Hong Kong’s Hang Seng Index gained marginally by 0.68 per cent. Markets in Taiwan and South Korea remained closed. (ANI)