Indian stock markets opened on a cautious note on Tuesday as investors weighed fresh tariff measures announced by US President Donald Trump. While concerns lingered, traders appeared to adopt a “wait and watch” approach, looking for more clarity on the evolving situation.
Around 9:30 am, the Sensex was trading 91.57 points, or 0.11 per cent higher, at 83,534.07, while the Nifty 50 rose 22.25 points, or 0.09 per cent, to 25,483.55.
Buying interest was seen in IT, PSU banks and financial services stocks. Analysts noted that while the US announced unilateral tariffs on 14 countries, India’s exclusion from the list has fuelled expectations of an imminent trade agreement between India and the US.
“This has already been largely priced in by the market. The focus now shifts to the details, especially any sector-specific tariffs that could impact segments like pharmaceuticals. The market’s reaction will hinge on these finer points,” said Dr VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services.
In the previous session, the Nifty had ended marginally higher, forming a green candlestick that followed a bullish hammer pattern — a positive technical signal, according to market watchers.
“A sustained move above 25,500 could open the door for a further rally towards 25,750. On the downside, immediate support levels are seen at 25,222 and 25,120, which could act as fresh entry points for long positions,” said Mandar Bhojane, Technical Analyst at Choice Broking.
In early trade, the Nifty Bank index climbed 203 points, or 0.36 per cent, to 57,152.20. The Nifty Midcap 100 index was up 91 points, or 0.15 per cent, at 59,606.75, while the Nifty Smallcap 100 gained 85.70 points, or 0.45 per cent, to reach 19,035.85.
Within the Sensex pack, Kotak Mahindra Bank, Eternal, Tata Motors, BEL, Adani Ports, NTPC, Asian Paints and UltraTech Cement were among the top gainers. On the flip side, Titan, HCL Tech, Bharti Airtel, M&M and Sun Pharma were trading in the red.
On the institutional front, foreign institutional investors (FIIs) bought equities worth Rs 321.16 crore on July 7, while domestic institutional investors (DIIs) purchased shares worth Rs 1,853.39 crore on the same day, reflecting continued domestic support.
In broader Asian markets, Seoul, Hong Kong, Japan, China and Jakarta were trading in positive territory, while Bangkok was the only key market in the region trading lower.
Overnight in the US, the Dow Jones Industrial Average closed 422.17 points, or 0.94 per cent lower, at 44,406.36. The S&P 500 lost 49.37 points, or 0.79 per cent, to settle at 6,229.98, and the Nasdaq dropped 188.59 points, or 0.92 per cent, ending at 20,412.52.
(ANI)