Indian Equities Slip On Tariff Jitters; Nifty Below 24,530

India’s benchmark indices opened sharply in the red on Thursday, a day after markets remained closed for Ganesh Chaturthi.

The decline followed the United States’ decision to impose 50% tariffs on select Indian goods, triggering a negative reaction in early trading.

The BSE Sensex dropped by 624 points, or 0.77%, to touch 80,162 in the early hours.

Similarly, the Nifty 50 declined by 183.85 points, or 0.74%, to 24,528. Both indices reflected a broad-based selloff, with sectoral and mid-cap stocks following suit.

Broader market indices also remained weak, as the Nifty Midcap 100 lost 1.00%, while the Nifty Smallcap 100 was down 1.12%.

All sectoral indices opened in negative territory. Nifty IT led the losses, slipping by 1.24%, followed by Nifty Realty (down 1.42%) and Nifty Pharma (down 0.97%).

The sentiment remained cautious across most sectors amid global trade uncertainties.

Within the Nifty 50 pack, Hero MotoCorp emerged as the top gainer, rising by 1.68%, followed by gains in Asian Paints, Cipla, Tata Consumer, and Titan.

On the losing side, Shriram Finance dropped 2.85%, with ICICI Bank, HCL Tech, Jio Financial, NTPC, and Hindalco Industries also witnessing notable declines.

Technical Outlook and Analyst Sentiment

Market analysts believe that the current weakness is linked to tariff-related concerns, which are expected to be temporary.

Amruta Shinde from Choice Broking stated, “A decisive move above 24,850 could push Nifty toward 25,000–25,150. Immediate support is seen at 24,670, followed by 24,500.”

Dr VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services, remarked that the recent statement by US Treasury Secretary Scott Bessant — “India and the US will come together eventually” — indicates a likely resolution.

He added that Domestic Institutional Investors (DIIs) will likely absorb any selling by Foreign Institutional Investors (FIIs).

Asian markets opened mixed as investors reacted to South Korea’s central bank decision to maintain its policy rate at 2.5% amid trade uncertainties.

While Japan’s Nikkei rose 0.50% and South Korea’s Kospi gained 0.53%, Hong Kong’s Hang Seng fell 0.84%.

Meanwhile, China’s Shanghai index slipped 0.09%, while Shenzhen edged up by 0.26%.

Overnight, US indices closed modestly higher. The Dow Jones rose 0.32%, the Nasdaq gained 0.21%, and the S&P 500 added 0.24%.

On Tuesday, FIIs net sold Indian equities worth ₹6,517 crore — their highest outflow since 20 May.

However, DIIs stepped in with ₹7,060 crore in net purchases, highlighting strong domestic support amid global headwinds.

Despite the weak start, market experts believe the current pressure could ease as diplomatic and trade negotiations progress between India and the US.

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