Mumbai, March 11 (IANS) The Indian equity benchmark indices opened lower on Tuesday amid weak global cues, as selling was seen in the IT, media and private bank sectors in the early trade.At around 9.35 am, Sensex was trading 371.74 points or 0.50 per cent down at 73,743.43 while the Nifty declined 104.25 points or 0.46 per cent at 22,356.05.
Nifty Bank was down 349.75 points or 0.73 per cent at 47,867.05. The Nifty Midcap 100 index was trading at 47,872.30 after declining 567.80 points or 1.17 per cent. Nifty Smallcap 100 index was at 14,946.10 after declining 252.05 points or 1.66 per cent.
According to market watchers, US President Donald Trump’s flip-flop tariff policy and the high uncertainty that it has triggered has started impacting US stock markets.
“S&P 500 and Nasdaq declining by 2.6 per cent and 4 per cent, respectively yesterday is the market’s response to Trump’s tariffs and the possibility of US recession by the year end. We will have to wait and watch how the situation develops,” they noted.
A significant consequence of the ongoing market correction is that India is now outperforming the US.
During the last one month, while S&P 500 is down 7.5 per cent Nifty is down only 2.7 per cent. More importantly, the dollar index is down from 109.3 when Trump assumed presidency to 103.71 now.
Meanwhile, in the Sensex pack, IndusInd Bank (NSE:INBK), Infosys (NSE:INFY), Zomato (NSE:ZOMT), Tech Mahindra (NSE:TEML), HCL Tech (NSE:HCLT), M&M (NSE:MAHM), Tata Motors (NSE:TAMO), TCS (NSE:TCS), PowerGrid, NTPC (NSE:NTPC) and Bajaj Finance (NSE:BJFN) were the top losers. Whereas, ICICI Bank (NSE:ICBK), Maruti Suzuki (NSE:MRTI), Sun Pharma (NSE:SUN), ITC (NSE:ITC), Adani Ports and Titan (NSE:TITN) were the top gainers.
In the last trading session, Dow Jones declined 2.08 per cent to close at 41,911.71. The S&P 500 declined 2.70 per cent to 5,614.56 and the Nasdaq dropped 4.00 per cent to close at 17,468.32.
In the Asian markets, Japan, Seoul, Bangkok, China, Jakarta and Hong Kong were trading in red.
The foreign institutional investors (FIIs) extended their selling on March 10 as they sold equities worth Rs 485.41 crore. However, domestic institutional investors (DIIs) bought equities worth Rs 263.51 crore, on the same day.
--IANS
skt/na