Business

Stock market opens lower as Trump announces steep tariffs on steel, aluminium

The domestic benchmark indices opened lower on Tuesday, as US President Donald Trump formally announced plans to impose 25 percent tariffs on all steel and aluminum imports coming into the United States “without exceptions or exemptions”.

At around 9.32 am, the Sensex was down 172.29 points or 0.22 percent at 77,138.51 and the Nifty was down 56 points or 0.24 percent at 23,324.80. The Indian Steel Association (ISA) has expressed deep concern over the US decision to impose tariffs on steel imports, urging the Indian government to push for the removal of long-standing anti-dumping and countervailing duties and to secure exemptions from these restrictive measures.

The latest tariff is expected to slash steel exports to the US by 85 percent. These tariffs could lead to a massive steel surplus that will likely flood the Indian market, ISA warned. Eicher Motors and Apollo Hospitals dropped the most on the Nifty in reaction to their third-quarter financial results. The Nifty Realty and Nifty Auto declined the most on the NSE. Nifty Media and Nifty Pharma were other notable declines in early trade.

According to experts, the stock market move suggests a cautious sentiment, influenced by global cues and the absence of strong domestic triggers. Investors will closely monitor global market trends, crude oil prices, and institutional flows for further direction, they added.

On the daily chart, Nifty has formed a bearish candlestick, signaling negative sentiment. The index faces key resistance at 23,460, and a breakout above this level could drive further gains towards 23,550 and 23,700. Institutional flows remain a key factor in market sentiment.

On February 10, foreign institutional investors (FIIs) sold equities worth Rs 2,463 crore, while domestic institutional investors (DIIs) bought equities worth Rs 1,515 crore. “These transactions will be closely monitored for their impact on market direction.

Overall, traders are advised to exercise caution and wait for confirmation of price action at key levels before initiating fresh positions,” said Aakash Shah from Choice Broking. The developments in the global markets and the uncertainty prevailing regarding the tariffs are likely to play the catalyst’s role in setting up the market tone, said experts.

Also Read: Apollo Hospitals Reports 4% Drop In Q3 Net Profit; Revenue Declines

IANS

Recent Posts

Gautam Adani, Family Participate In Puri Rath Yatra; Launch Massive ‘Prasad Seva’ Initiative

Gautam Adani, Chairman of the Adani Group, along with his wife Priti Adani and son…

9 mins ago

PM Modi, Leaders Pay Tribute To Former PM PV Narasimha Rao On Birth Anniversary

PM Narendra Modi on Saturday paid tribute to former Prime Minister PV Narasimha Rao on…

28 mins ago

Gautam Adani Hails Divine Experience At Rath Yatra; Praises Odisha’s Graceful Management

Gautam Adani conveyed profound spiritual emotions after witnessing the revered Rath Yatra of Lord Jagannath…

33 mins ago

Punjab’s Litchis Reach Middle East Markets In Boost To India’s Fruit Exports

In a step towards diversifying India’s horticultural exports, Punjab has successfully shipped its first consignment…

1 hour ago

Dalal Street Sees Strong Activity Of IPOs In June As Market Sentiment Improves

India’s primary market experienced a surge in activity in June 2025 as investor sentiment toward…

2 hours ago

ITC’s Non-Cigarette FMCG Business Sees ₹34,000 Crore Consumer Spend In FY25

Consumers spent over ₹34,000 crore on ITC’s non-cigarette fast-moving consumer goods (FMCG) products in the…

2 hours ago