The BSE Sensex was trading 207.95 points, or 0.27%, lower at 77,103.85. The Nifty50 was down 74.25 points, or 0.32%, trading at 23,307.35 around 9:28 am.
Both Nifty and BSE Sensex have lost 1.5% over the past four sessions, pressured by US tariff uncertainties and foreign outflows.
The Indian rupee hit an all-time low on Monday after US President Donald Trump’s tariff threats boosted the dollar.
Following up on his warnings, Trump raised tariffs on steel and aluminium imports to a flat 25% “without exceptions or exemptions,” escalating the risk of a trade war.
The US President also said he would announce plans to impose reciprocal tariffs on several countries in the next two days.From the Sensex pack, Power Grid, Zomato, Tata Motors, UltraTech Cement, and Bajaj Finserv opened lower, while Infosys, Maruti, HCL Tech, and Axis Bank saw early gains.Sectorally, Nifty Auto, Media, Pharma, PSU Bank, Healthcare, and Oil & Gas declined 1-1.5% in early trade.
Among individual stocks, Nykaa rose 3% after reporting a 61% year-on-year (YoY) jump in consolidated net profit to Rs 26.12 crore, with revenue up 27% YoY to Rs 2,267 crore.
Eicher Motors fell 6.8% after its Q3 results, prompting Goldman Sachs to cut its target price to Rs 5,900.
Experts View
“The significant trend in the ongoing bearish phase of the market is the outperformance of largecaps over the broader market. While the Nifty Midcap and Smallcap indices are down 8.6% and 11.3% respectively YTD, the Nifty is down only 1.52%. This outperformance is likely to continue, going forward,” said V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services.
“The relentless selling by FIIs in largecaps has made their valuations fair while the valuations of mid and smallcaps continue to be excessive. FIIs will certainly turn buyers in India; but that will happen only when the dollar index turns weak,” Vijayakumar added.
Aakash Shah, Equity Research Analyst at Choice Broking, said, “On the daily chart, Nifty has formed a bearish candlestick, signalling negative sentiment. The index faces key resistance at 23,460, and a breakout above this level could drive further gains towards 23,550 and 23,700. On the downside, immediate support is placed at 23,260, a crucial level for monthly trends. A breakdown below this mark could push the index lower towards 23,000, reinforcing a cautious outlook as Nifty struggles to maintain support at critical levels.”
More to come…
