Indian stocks open flat amid global concerns, Trump tariff impact
The Indian stock market opened flat on Friday, tracking weak global cues, with selling pressure visible in IT, PSU banks, and the pharma sector during early trade. At around 9:30 AM, the BSE Sensex was trading at 74,233.11, down by 106.98 points or 0.14%, while the NSE Nifty slipped 16.25 points or 0.07% to 22,528.45.
The Nifty Bank index declined by 127.10 points or 0.26% to 48,500.60, while the Nifty Midcap 100 gained 50.30 points or 0.10% to trade at 49,398.40. The Nifty Smallcap 100 index rose by 98.95 points or 0.64% to 15,499.30. Analysts suggest that Nifty may find support at 22,500, with further levels at 22,400 and 22,300, while resistance is expected around 22,600, followed by 22,700 and 22,800.
Global markets remained volatile amid trade policy shifts in the United States. US President Donald Trump suspended the 25% tariffs imposed earlier in the week on most goods from Canada and Mexico, adding to ongoing market uncertainty. This move comes as part of a fluctuating trade policy that has caused turbulence in financial markets and raised concerns over inflation and economic growth.
Devarsh Vakil, Head of Prime Research at HDFC Securities, said that traders should brace for heightened market volatility across various asset classes in response to these developments. He added that uncertainty surrounding Trump’s tariffs has impacted investor sentiment, leading to a weaker opening in Indian markets.
Among Sensex constituents, Adani Ports, Axis Bank, L&T, Bajaj Finserv, Tata Steel, IndusInd Bank, PowerGrid, Nestle India, Maruti Suzuki, and Bajaj Finance were the top gainers. Meanwhile, Infosys, Zomato, HCLTech, Tech Mahindra, and ICICI Bank were among the biggest losers in early trade.
In the previous session, Wall Street witnessed a broad sell-off, with the Dow Jones declining 0.99% to close at 42,579.08, the S&P 500 falling 1.78% to 5,738.52, and the Nasdaq dropping 2.61% to settle at 18,069.26.
Asian markets showed a mixed trend, with Japan and Seoul trading in the red, while Bangkok, China, Jakarta, and Hong Kong remained in positive territory.
Foreign institutional investors (FIIs) continued their selling spree on March 6, offloading equities worth ₹2,377.32 crore. However, domestic institutional investors (DIIs) remained net buyers, purchasing equities worth ₹1,617.80 crore.
