MUMBAI– Indian stock markets closed lower on Friday after U.S. President Donald Trump announced a 25% tariff on imports from India, raising concerns over stalled trade negotiations between the two countries.
The benchmark Sensex fell 585.67 points, or 0.72%, to close at 80,599.91. The index opened lower at 81,074.41, following Thursday’s close of 81,185.58, and declined further amid broad-based selling, particularly in the pharma and IT sectors. It touched an intra-day low of 80,495.57.
Meanwhile, the Nifty 50 shed 203 points, or 0.82%, to end the session at 24,565.35.
Top laggards on the Sensex included Tata Steel, Maruti Suzuki, Infosys, Tata Motors, Tech Mahindra, Bharti Airtel, BEL, Bajaj Finserv, ICICI Bank, HCLTech, Mahindra & Mahindra, and TCS. On the other hand, Trent, Asian Paints, Hindustan Unilever, and ITC managed to close in the green.
Sectorally, the losses were led by Nifty Pharma, which dropped 759 points or 3.33%. Nifty IT fell 652 points or 1.85%, Nifty Auto declined 244.90 points or 1.04%, and Nifty Bank slipped 344.35 points or 0.62%. Nifty FMCG was the only major gainer, closing up 384 points.
The broader markets mirrored the downturn. The Nifty Midcap 100 dropped 763 points or 1.33%, Nifty Smallcap 100 declined 298 points or 1.66%, and Nifty 100 ended 230 points or 0.91% lower.
“Markets kicked off the August series on a weak note, extending their corrective phase,” said Ajit Mishra, SVP – Research at Religare Broking Ltd. “A mixed earnings season, combined with Trump’s tariff threat and ongoing foreign fund outflows, continues to dampen investor sentiment.”
Mishra warned that the Nifty is nearing a key support level at 24,450, with a break below possibly triggering a deeper correction toward the 200-day EMA near 24,180.
Rupak De of LKP Securities echoed this sentiment, saying, “A further decline is likely if the index slips below 24,400. On the upside, resistance lies at 24,600–24,650, and then at 24,850.” (Source: IANS)
