Indian equity Market benchmarks opened lower on Friday, as investors reacted to rising geopolitical tensions and renewed threats of steep US tariffs on Indian exports under the Russia Sanctioning Act.
At 9:29 AM, the Sensex fell 107 points, or 0.13 per cent, to 84,073, while the Nifty 50 eased 26 points, or 0.10 per cent, to 26,850. Broad-market indices saw sharper declines, with the Nifty Midcap 100 down 0.29 per cent and the Nifty Smallcap 100 slipping 0.84 per cent.
Among sectoral movers, ONGC and Bharat Electronics were top gainers on the Nifty, whereas realty and media shares led the losses, down 2.14 per cent and 1.34 per cent respectively.
Analysts noted that all sectoral indices traded in the red, except for IT and PSU Bank stocks. Immediate support levels are seen at 25,700–25,750 for Nifty, with resistance placed around 26,150–26,200.
Investors Focus on US Tariffs
Thursday had witnessed a sharp correction as markets reacted to the possibility of a 500 per cent tariff on Indian goods under the provisions of the Russia Sanctioning Act, approved by US President Donald Trump.
Analysts said attention will now turn to the US Supreme Court’s verdict on the legality of these tariffs, which could significantly impact investor sentiment. On Thursday, Nifty had fallen 263 points, marking its fourth consecutive session of losses, closing at 25,876.
Asian markets displayed mixed trends in early trade. China’s Shanghai index rose 0.3 per cent, Shenzhen gained 0.57 per cent, and Japan’s Nikkei advanced 1.14 per cent. Conversely, Hong Kong’s Hang Seng slipped 0.07 per cent, while South Korea’s Kospi gained 0.69 per cent.
Overnight, US markets mostly traded in the green, with the S&P 500 up 0.01 per cent and the Dow Jones rising 0.55 per cent. The Nasdaq, however, fell 0.44 per cent.
On 8 January, foreign institutional investors (FIIs) sold net equities worth Rs 3,367 crore, while domestic institutional investors (DIIs) bought net equities worth Rs 3,701 crore, reflecting contrasting flows in the market amid global uncertainty.
Investors will continue to closely monitor developments around US tariffs and domestic macroeconomic cues as the week progresses.
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