The domestic benchmark equity indices, Sensex and Nifty, opened lower in early trade today, tracking weak cues from Asian markets, as concerns over a broader trade war intensified following tariffs on Canada, Mexico, and China by US President Donald Trump.
The BSE Sensex had declined by 695 points or 0.91 per cent to 76,812, while the Nifty50 dropped 211 points or 0.90 per cent to trade at 23,271.
At the opening bell, the Sensex shed 710 points or 0.88 per cent at 76,821.50. On the NSE, all sectors declined with Nifty Metal and Nifty Realty as the worst performing sector.
Hong Kong’s Hang Seng Index was down 1.3 per cent, Japan’s Nikkei 225 was 2.4 per cent lower, South Korea’s KOSPI tumbled 3 per cent and Australia’s ASX 200 was 1.8 per cent lower.
On Saturday (US time), Trump announced he will impose 25 per cent tariffs on imports from Canada and Mexico and 10 per cent on goods from China starting from Tuesday. He also pledged to place new tariffs on goods from the European Union.
The US equity futures also saw a sharp sell-off in response to US president Donald Trump imposing tariffs.
“After a negative opening, Nifty can find support at 23,200 followed by 23,100 and 23,000. On the higher side, 23,500 can be an immediate resistance, followed by 23,600 and 23,700,” said Hardik Matalia, Derivative Analyst, Choice Broking.
Rupee opened 41 paise lower at 87.02 against the US Dollar. It closed at 86.61 on Friday.