Business News | IT and Auto Stocks Fall on US Tariff Decisions, Sensex Down 96 Points, Nifty Slips 36 Points
Get latest articles and stories on Business at LatestLY. The BSE Sensex closed 96.01 points lower at 72,989.93, while the NSE Nifty declined 36.65 points to settle at 22,082.65.
Mumbai (Maharashtra) [India], March 4 (ANI): The Indian stock market ended in the red on Monday as investor sentiment remained cautious ahead of the implementation of new tariffs imposed by former US President Donald Trump, set to take effect from Tuesday.
The BSE Sensex closed 96.01 points lower at 72,989.93, while the NSE Nifty declined 36.65 points to settle at 22,082.65.
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Among Nifty constituents, 22 stocks advanced while 28 declined. The top gainers included SBI, BPCL, BEL, Shriram Finance, and Adani Enterprises, while Bajaj Auto, Hero MotoCorp, Bajaj Finserv, HCL Tech, and Eicher Motors led the list of losers.
Vinod Nair, Head of Research at Geojit Financial Services, said, "The domestic market exhibited a recovery from today's lows but remained in negative territory due to adverse global cues related to escalating global trade tensions. Nevertheless, the broader market outperformed, primarily driven by value buying opportunities in small-cap stocks. Currently, domestic economic indicators are favourable while investors await clarity on global trades for a consistency in momentum."
VLA Ambala, SEBI Registered Research Analyst and Co-Founder of Stock Market Today, highlighted the impact of the trade war.
"India's markets are already feeling the heat, with excessive FII outflows. The real concern arises if SIP and domestic funds start expecting a decline in inflows."
Meanwhile, China has announced retaliatory tariffs on US agricultural and food products, further escalating global trade tensions. India's benchmark indices have already dropped nearly 15 per cent from their six-month highs, weighed down by concerns over long-term capital gains tax, a depreciating rupee, and fears of slower GDP growth," she added.
Ajit Mishra, SVP, of Research, Religare Broking Ltd., said, "Markets remained lacklustre and ended marginally lower, extending the ongoing corrective phase. After an initial dip, Nifty gradually recovered, followed by a range-bound movement for the rest of the session."
He added, "Sectoral trends were mixed, with energy, metal, and banking stocks gaining, while auto and IT sectors underperformed. A slight rebound in small-cap stocks improved market breadth, though mid-caps closed on a flat note."
With global trade uncertainties and economic headwinds looming, market participants remain watchful of further developments in the tariff war and its potential impact on India's economic growth and investment outlook. (ANI)
(The above story is verified and authored by ANI staff, ANI is South Asia's leading multimedia news agency with over 100 bureaus in India, South Asia and across the globe. ANI brings the latest news on Politics and Current Affairs in India & around the World, Sports, Health, Fitness, Entertainment, & News. The views appearing in the above post do not reflect the opinions of LatestLY)