Nifty, Sensex slip at open as Trump doubles steel tariffs, despite strong GDP

Indian stock markets opened the week lower dragged by global worries despite solid domestic GDP numbersBenchmark indices declined in early trade Monday as Trumprsquos tariff threats soured investor sentimentThe Nifty 50 index opened at 2466970 registering a decline of 8100 points or 033 per cent Similarly the BSE Sensex also opened lower at 8121442 down by 23659 points or 029 per cent The indices decline further in early trade reported ANIThe pressure came amid Trumps announcement to revise tariffs on steel and aluminium reigniting fears of a trade war and economic strainMarket experts noted that while Indias macroeconomic fundamentals remain strong as reflected in the robust GDP numbers the external headwinds triggered by the US tariff revision have overshadowed the domestic positives The threat of a wider impact on global trade and capital flows has made investors cautious according to news agency ANIAjay Bagga Banking and Market Expert said Asian markets are down as tariff tantrums and tax uncertainty rule sentiments ChinaUS public spat is not being taken seriously given the rollback they did a month back after posturing The 50 per cent Steel and Aluminium tariffs announced by Trump from July 4th are a bit of a 1 per cent type dampener reported ANIHe further added Ukraine Russia conflict widening is a risk but markets are ignoring it for now Indian markets should have done well today on the back of a superb March quarter GDP print and expectations of a rate cut and further monetary easing at the RBI MPC later this week However the global weakness is holding the Indian markets also in its grip today reported ANIOn the National Stock Exchange NSE sectoral indices displayed a mixed trend Except for Nifty FMCG and Nifty PSU Bank all other sectoral indices opened in the red highlighting broadbased selling pressureNifty IT emerged as the worst performer among the indices declining by 128 per cent indicating strong selling pressure in the technology sectorNifty Bank also saw a decline of 05 per cent Nifty 100 fell by 068 per cent while Nifty Smallcap was down by 043 per cent The Midcap index showed relative resilience but still opened 010 per cent lower at the time of filing this reportCurrently the price is trading between a hurdle and support A breakout above resistance would indicate a continuation of the uptrend in the sector The Indian stock market concluded the week with mixed results as benchmark indices registered their second consecutive weekly decline while the broader market experienced some growth said Sunil Gurjar SEBIregistered research analyst and founder of Alphamojo Financial ServicesThe negative sentiment was not confined to Indian markets alone Other major Asian markets also opened weak on Monday Japans Nikkei 225 dropped by more than 14 per cent Hong Kongs Hang Seng index declined over 23 per cent Taiwans Weighted index lost 161 per cent and Indonesias Jakarta Composite fell by 144 per centWith ANI inputs