Mumbai (Maharashtra) [India], December 9 (ANI): Indian stock markets opened in heavy promoting mode on Tuesday after contemporary remarks by US President Donald Trump indicating a further 25 per cent tariff on rice imports into the United States.
The feedback have dampened any anticipation of reduction from the continued go to of a high-powered US commerce delegation to India, additional unsettling market sentiment.
The benchmark Nifty 50 index opened at 25,867.10, registering a decline of -93.45 factors or (-0.36 per cent), whereas the BSE Sensex started the day at 84,742.87, down by -359.82 factors or -0.42 per cent.
Experts noticed that markets have entered oversold territory and will reply swiftly to any constructive set off.
Ajay Bagga, Banking and Market Expert, instructed ANI, ‘Indian markets have reached oversold territory. Trump’s remarks on levying further tariffs on Indian rice exports are spoiling the anticipation of any reduction from the go to of a high-powered US commerce delegation to India. FPI positioning is again to an 88 per cent internet quick place with continued FPI outflows including to liquidity outflows as a consequence of promoter promoting and document major market issuances. Standstill in world markets because the hawkish Fed charge minimize on Wednesday is awaited.’
On Monday, President Donald Trump indicated he could introduce new tariffs on agricultural imports, particularly focusing on Indian rice and Canadian fertiliser, as commerce conversations proceed with out substantial progress.
The US President made these remarks throughout a gathering on the White House, the place he unveiled USD 12 billion in contemporary assist for American farmers, saying imports have been difficult home producers and reaffirming his intent to take corrective measures.
Broad market strain was seen throughout indices as Nifty 100 fell 0.56 per cent, Nifty Midcap misplaced 0.81 per cent, and Nifty Smallcap declined 0.84 per cent, reflecting widespread promoting.
Sectoral indices on the NSE additionally witnessed weak spot, with Nifty Media, Metal, and IT logging losses of greater than 1 per cent. Nifty Auto slipped 0.77 per cent, Nifty Pharma declined 0.44 per cent, and Nifty PSU Bank fell 0.72 per cent.
Ponmudi R, CEO, Enrich Money, mentioned, ‘Indian fairness markets enter right now’s session in a cautious consolidation part following a managed corrective pullback from latest highs. Global cues stay combined forward of the essential U.S. Federal Reserve coverage resolution. Nifty 50 continues to stay in a sideways-to-bullish construction so long as it holds above the important thing 25,850 assist.’
In the broader Asian market cues, Japan remained the one main index buying and selling in inexperienced, with Nikkei 225 up 0.35 per cent, whereas Hong Kong’s Hang Seng slipped 0.8 per cent, Taiwan’s weighted index fell 0.30 per cent, and South Korea’s KOSPI declined 0.72 per cent, reflecting weak spot throughout the area. (ANI)