Nifty, Sensex open in red as Trump signs executive order imposing 25 per tariff

Indian stock markets continued to remain under pressure on Friday morning as US President Donald Trump signed an executive order imposing 25 per cent tariffs on Indias exports to the US effective from August 7The move has raised concerns about Indias export outlook as the US is one of the countrys largest export destinations The fresh round of tariffs has sparked fears that Indian products will become more expensive in the US market making them less competitive compared to goods from other countries potentially denting demandAt the opening bell the Nifty 50 index dipped by 3345 points or 014 per cent to 2473490 while the BSE Sensex fell by 11117 points or 014 per cent to 8107441Commenting on the market sentiment Ajay Bagga Banking and Market Expert told ANI Indian markets are suffering from Trump tariff deal not coming as per expectation soso earnings and a lack of governmental action plan to boost consumption private capex or generate demand via a fiscal stimulus Markets are caught in a lower range and there is no catalyst that could boost them apart from a big bold policy reform push by the federal government Looking forward to the weekend markets are not interesting when catalysts are lackingTrump has rolled out dozens of unilateral tariff impositions ahead of the August 1 deadline but postponed the implementation by seven days to August 7 to allow US Customs time to update their systemsUS order on tariffs stated These modifications shall be effective with respect to goods entered for consumption or withdrawn from warehouse for consumption on or after 1201 am eastern daylight time 7 days after the date of this orderExperts say this ongoing policy disarray with frequent changes has left global markets unsettledMarkets are not happy and from the US to Europe to Asia the last 24 hours have seen some pinks turning reddish This policy chaos is here to stay and despite the markets fortitude and resilience some cracks are appearing Bagga notedIn the broader market the Nifty 100 was down by 018 per cent Nifty Midcap 100 was marginally up by 004 per cent while the Nifty Smallcap declined by 029 per cent at the time of filing this reportAmong the sectoral indices on NSE all major indices opened in the red except Nifty FMCG indicating broadbased selling pressure Nifty IT fell 051 per cent Nifty Metal slipped 043 per cent Nifty Pharma declined 116 per cent and Nifty PSU Bank was down by 030 per centShrikant Chouhan Head of Equity Research said We believe that as long as the market continues to trade above 2475081200 the pullback is likely to continue On the upside the market could move towards 2490081700 and a further rally could take the indices towards 2500082000 On the downside if the market drops below 2475081200 we may see a fresh round of selling Below this level the market may retest the levels of 2460080700 The break of 24600 would invite further weaknessBank Nifty also showed weakness and is struggling to sustain above the 56100 mark Experts suggest it may fall to 55500 if it breaks below 55700Several major companies including ITC Adani Power The Tata Power Company Godrej Properties UPL Tube Investments of India Ltd Multi Commodity Exchange of India LIC Housing Finance and Delhi very are set to announce their quarterly earnings todayOther Asian markets also opened weak Japans Nikkei 225 was down by 023 per cent Hong Kongs Hang Seng index declined by 043 per cent and Taiwans weighted index was also in the red at the time of filing this reportAs per the executive order apart from Indias 25 per cent tariff the US has also imposed tariffs on other countries Indonesia 19 per cent Japan 15 per cent Myanmar 40 per cent New Zealand 15 per cent Pakistan 19 per cent Philippines 19 per cent South Africa 30 per cent South Korea 15 per cent and Sri Lanka 20 per centThis story has been sourced from a third party syndicated feed agencies Midday accepts no responsibility or liability for its dependability trustworthiness reliability and data of the text Midday managementmiddaycom reserves the sole right to alter delete or remove without notice the content in its absolute discretion for any reason whatsoever