Sensex, Nifty Open Lower As Weak Global Cues Weigh; IT & Auto Stocks Drag

Indian equity markets started Tuesday on a weaker note, tracking negative global sentiment, with selling pressure seen in the auto and IT sectors.

By 9:30 AM, the Sensex was down 363.22 points or 0.50% at 72,722.72, while the Nifty slipped 125.80 points or 0.57% to 21,993.50.

Experts noted that global trade concerns have intensified due to US President Donald Trump’s tariff policies.

They stated, “The 25 per cent tariff on Canada and Mexico and the 20 percent tariff on China (with the additional 10 per cent imposed now) kicking in the threats are turning into action. The retaliation to these Donald Trump tariffs is yet to be known. Certainly there will be responses.”

Canada has announced countermeasures, imposing 25% tariffs on US imports worth 30 billion Canadian dollars from Tuesday.

Additional tariffs on US goods worth 125 billion Canadian dollars will likely follow in the next 21 days.

In domestic markets, Nifty Bank declined 91.80 points or 0.19% to 48,022.50.

The Nifty Midcap 100 dropped 883.50 points or 1.84% to 47,100.65, while the Nifty Smallcap 100 fell 251.50 points or 1.72% to 14,409.35.

Market analysts identified immediate support for Nifty at 22,000, followed by 21,850 and 21,600, while resistance levels stood at 22,500, 22,600, and 22,800.

Mandar Bhojane of Choice Broking noted, “A breakdown below 22,000 could accelerate selling pressure toward 21,800, whereas a recovery above 22,500 might trigger a relief rally. The index remains in a sideways to bearish phase, and a decisive breakout is required for a trend reversal.”

Among Sensex stocks, Tech Mahindra, HCL Tech, Nestle India, Infosys, Tata Steel, M&M, and Titan were the top losers.

On the other hand, ICICI Bank, HDFC Bank, and SBI were the only gainers.

Global Market Selloff Continues

In the previous session, US markets also witnessed a selloff, with the Dow Jones falling 1.48% to 43,191.24, the S&P 500 declining 1.76% to 5,849.72, and the Nasdaq dropping 2.64% to 18,350.19.

Across Asian markets, only Bangkok traded in positive territory, while China, Japan, Seoul, Jakarta, and Hong Kong were in the red.

Foreign institutional investors (FIIs) extended their selling streak for the eighth consecutive session, offloading equities worth Rs 4,788.29 crore on 3 March.

In contrast, domestic institutional investors (DIIs) purchased equities worth Rs 8,790.70 crore on the same day.

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