Mumbai (Maharashtra) [India], July 8 (ANI): Indian stock markets opened under pressure on Tuesday as concerns over US President Donald Trump’s fresh tariff measures took centre stage. However, investors appeared to adopt a cautious “wait and watch” approach, awaiting further clarity on developments.
The Nifty 50 index opened at 25,427.85, down 33.45 points or 0.13 per cent, while the BSE Sensex also saw a marginal decline, opening at 83,387.03, down by 55.47 points or 0.07 per cent.
Ajay Bagga, Banking and Market Expert, told ANI, “Trump Tariffs occupied centre stage, on expected lines on Monday, as letters detailing tariffs were issued to 14 countries. Markets reacted slightly and not in the panic mode of April 2nd to April 9th. Over the past 90 days, the markets have become more resilient, looking past the Trump policy ambiguity to Trump actions”.
He added “The big takeaway on Monday was that the July 9th tariff imposition deadline has been moved to August 1st. This gives 23 more days for further negotiations, even to the 14 countries that were sent letters on Monday imposing tariffs.”
Experts also highlighted that India and the European Union are expected to announce mini deals. However, the urgency for announcing transitional arrangements has reduced with the extension of the deadline to August 1st or potentially even later.
The broader markets on the NSE showed a mixed trend. Nifty 100 remained under pressure, down by 0.09 per cent. However, Nifty Midcap 100 and Nifty Smallcap both recorded a modest gain of 0.04 per cent at the time of filing the report.
Among the sectoral indices, a mixed trend was visible. Nifty FMCG, IT, and Nifty Consumer Durables were trading in the red, while Nifty Media, Metals, Auto, Pharma, and PSU Bank witnessed gains.
Akshay Chinchalkar, Head of Research at Axis Securities, said, “The Nifty ended absolutely flat after trading in a tight range. Technically speaking, after Friday’s hammer candle, we have traced a ‘spinning top’ formation yesterday. This means a great deal of indecision still prevails, but tactical bulls have to defend 25,331 on the way down. On the upside, 25,587 represents the first hurdle, followed by the swing high around 25,670. Asian cues are supportive, as the drop in US equities has failed to impact Asia on the downside.”
In terms of earnings, companies such as 5paisa Capital, Umiya Buildcon, Lake Shore Realty, SER Industries, and Delta Industrial Resources are set to report their Q1 results for the current financial year.
In the Asian markets, Japan’s Nikkei 225 was up 0.31 per cent, Hong Kong’s Hang Seng Index gained over 1 per cent, South Korea’s KOSPI surged 1.17 per cent, while Taiwan’s Weighted Index declined by 0.63 per cent.
Investors are likely to remain cautious for the next few sessions, with attention now turning to the upcoming earnings season. The results of major software companies scheduled for July 10 are expected to set the tone for the near-term market direction. (ANI)
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