MUMBAI, India — Indian equities ended lower on Tuesday as investors locked in gains after the recent rally, with broader sentiment dampened by reports that U.S. President Donald Trump may consider new tariffs on Indian rice. The development added fresh uncertainty to already strained trade negotiations between New Delhi and Washington.
The Sensex closed at 84,666.28, down 436.41 points, or 0.51 percent. The Nifty also ended in the red at 25,839.65, declining 120.90 points, or 0.47 percent.
Heavyweight stocks led the downturn, with Asian Paints, Tech Mahindra, HCL Tech, Tata Steel, Maruti Suzuki, Sun Pharma, TCS, ICICI Bank and Bajaj Finance among the session’s biggest laggards. These counters fell as much as 4.6 percent, pulling the benchmarks lower. A handful of gainers — including Eternal, Titan, Adani Ports, BEL and SBI — provided limited support.
Broader markets, however, outperformed. The Nifty MidCap index rose 0.32 percent while the Nifty SmallCap index gained 1.14 percent, reflecting sustained buying interest in mid- and small-cap segments despite weakness in large caps.
Sectorally, most indices traded under pressure, with Nifty IT, Auto, and Pharma each slipping nearly 1 percent. Other segments such as PSU Bank, FMCG, Media, Consumer Durables, and Chemicals also remained in the red for most of the day.
Analysts said global trade anxieties and steady profit booking kept markets on edge, as investors awaited further clarity on potential U.S. tariffs on Indian exports. They noted that currency trends, central bank commentary, and foreign institutional investor flows will likely guide sentiment in the near term.
“Domestic macro resilience is expected to offer some support, but the market is cautious given global uncertainty,” market watchers said. They added that while investors largely expect a 25-bps rate cut by the Federal Reserve and a rate hike by the Bank of Japan, forward guidance for 2026 will be closely watched.
Meanwhile, the rupee appreciated 23 paise to 89.82, supported by short covering and a modest recovery in equities. (Source: IANS)
