Mumbai, Feb 12 (IANS) The Indian benchmark indices opened lower on Wednesday amid ongoing concerns over the US President Donald Trump’s tariff threats.The Nifty 50 and Sensex opened 0.1 per cent lower. The Nifty started at 23,050 and Sensex at 76,188 at the opening bell.
At around 9.31 am, Sensex was trading 364.21 points or 0.48 per cent down at 75,929.39 while the Nifty declined 118 points or 0.52 per cent at 22,953.80.
The top draggers on the Nifty were Reliance Industries (NSE:RELI), ITC (NSE:ITC), and HDFC Bank (NSE:HDBK). On the NSE, the Nifty Metal and Nifty IT gained while Nifty Realty and Nifty Auto led declines.
The rupee strengthened by 39 paise to open at 86.44 against the US dollar. It closed at 86.83 on Tuesday.
According to experts, Trump’s tariff tantrums have been impacting the markets for the last several days.
“Dalal Street is gripped by pessimism as fears mount over further declines if Nifty slips below the crucial 23,000 mark. Nifty has already fallen 2.42 per cent this year and remains 12 per cent below its all-time high from September 2024,” said Prashanth Tapse, Senior VP (Research), Mehta Equities.
A significant and widespread sell-off is being observed in the market, with all major sectors experiencing declines and closing in negative territory for consecutive sessions.
The sustained negative performance across these sectors has created a challenging environment for investors, prompting the need for a thorough examination of market conditions and individual investment strategies, said Sameet Chavan, Head Research, Technical and Derivative - Angel One (NSE:ANGO).
As investors navigate this tumultuous landscape, it is crucial to assess potential risks while staying abreast of global developments, said experts.
In terms of institutional activity, foreign institutional investors (FIIs) continued their selling equities on February 11, offloading equities worth Rs 4,486 crore, while domestic institutional investors (DIIs) provided support by purchasing equities worth Rs 4,001 crore on the same day.
These transactions will be closely monitored for their impact on market direction, said Aakash Shah from Choice Broking.
In Asian markets, South Korean stocks traded slightly higher, led by institutional buying, despite concerns about the impact of Trump’s sweeping tariffs on the economy and relevant industries.
—IANS