New Delhi:
Sensex dropped by over 500 points, hours after US President Donald Trump announced a 26 per cent reciprocal tariff on India.
The rupee fell 26 paise to 85.78 against the US dollar in early trade.
Market experts stated that stocks are impacted by US President Donald Trump’s announcement of a reciprocal tariff. Investors are shifting funds to safer assets, such as gold, further exacerbating the sell-off in equities.
Among sectoral indices, Nifty Auto declined 1.25%, Nifty IT fell 1.67%, and Nifty Metals slipped 0.81%. However, the pharma sector outperformed, gaining 2.95%, as Trump’s tariffs did not impact this sector.
The impact of Trump’s announcement extended to US futures markets as well. At the time of filing this report, the Dow Jones Futures dropped by 1.94%, indicating a likely weak opening for Wall Street.
With global uncertainties rising, market participants remain cautious, closely monitoring developments related to trade policies and their economic implications.
