Indian equity benchmarks declined in early trade on Tuesday, reversing gains from the previous session as global technology stocks came under pressure following AI-related disruptions in the US.
At 9:26 am, the BSE Sensex was down 577 points, or 0.69 per cent, at 82,717, while the Nifty 50 slipped 161 points, or 0.63 per cent, to 25,552.
Broader markets mirrored the benchmarks, with the Nifty Midcap 100 declining 0.55 per cent and the Nifty Smallcap 100 falling 0.67 per cent.
Sectorally, most indices traded in the red. Nifty IT emerged as the biggest laggard, plunging 2.84 per cent. Realty and media stocks also saw pressure, falling 0.90 per cent and 0.32 per cent, respectively.
In contrast, Nifty Metal rose 0.44 per cent, and oil and gas gained 0.32 per cent.
Renewed tariff-related uncertainty further dampened investor sentiment after US President Donald Trump rolled out a 15 per cent new global tariff framework. However, the US Customs and Border Protection agency announced it would halt the collection of reciprocal tariffs starting Tuesday (US time), following a Supreme Court verdict declaring such tariffs illegal.
Analysts noted that while recent adjustments under the US–India trade arrangement offer some clarity, Trump’s latest announcements have introduced near-term uncertainty for export-oriented sectors, likely keeping risk appetite subdued.
Global Cues And Institutional Flows
Market watchers placed immediate support for Nifty in the 25,600–25,500 range, with resistance seen at 25,800.
Across Asia, China’s Shanghai index gained 1.17 per cent and Shenzhen rose 1.82 per cent. Japan’s Nikkei advanced 0.92 per cent and South Korea’s Kospi added 1.58 per cent, while Hong Kong’s Hang Seng declined 2.02 per cent.
Overnight, US markets ended sharply lower. The Nasdaq fell 1.13 per cent, the S&P 500 dropped 1.04 per cent and the Dow Jones lost 1.66 per cent.
On February 23, foreign institutional investors net bought equities worth Rs 3,483 crore, while domestic institutional investors were net sellers to the tune of Rs 1,292 crore.
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