Sensex slips 600 pts, Nifty down 0.7% in opening session as US tariffs dent investor sentiments

Mumbai (Maharashtra) [India], August 28 (ANI): Indian stock markets opened in the red on Thursday as the 50 per cent tariffs on Indian imports came into effect, denting investor sentiment.
Both the benchmark indices, Nifty 50 and Sensex, remained under pressure through the opening session.
The Nifty 50 index began the day at 24,695.80, marking a decline of 16.25 points or 0.07 per cent. Similarly, the BSE Sensex opened at 80,754.66, down by 31.88 points or 0.04 per cent.
Market experts noted that the immediate impact of tariffs has weighed on confidence, though upcoming reforms and policy measures by the government may provide support in the near future.
Ajay Bagga, Banking and Market Expert, told ANI, "Today, being the monthly expiry and the tariff implementation day after, expect negative sentiment to continue. However, with 12 months of underperformance, Indian markets are setting up for better days ahead. That might be after another sharp cut or could start with the GST Council meet outcome on Sep 4th."
He further highlighted the global context, saying, "Tariffs happened, Truce did not. The US is calling Ukraine 'Modi's War' while the Treasury Secretary is talking of an eventual agreement with India. Conflicting signals from within the Trump administration are adding to the policy chaos. Democrats in the US are calling Trump's sanctions on India a self goal."
Amid these developments, Prime Minister Narendra Modi's upcoming visits to Japan and China are being closely watched, as India's shift eastward gains attention in the current trade and diplomatic environment.
On the broader market front, indices on the NSE also reflected weakness. The Nifty 100 index was down by 0.45 per cent, while the Nifty 200 declined by 0.41 per cent. The Nifty Smallcap 100 fell 0.33 per cent and the Nifty Midcap 100 lost 0.22 per cent.
Sectoral performance was mixed in the opening session. The Nifty Auto index bucked the trend, rising 0.37 per cent. However, Nifty FMCG slipped 0.06 per cent, Nifty Metal lost 0.34 per cent, Nifty Pharma was down by 0.13 per cent, and Nifty PSU Bank also declined 0.27 per cent.
Anand James, Chief Market Strategist at Geojit Investments, noted, "Having slipped into the bear territory, 24071-23860 objectives are now in play. However, a near 2 per cent fall in just four days has left room for upswing possibilities, with resistances seen at 24780 and 24870. Alternatively, inability to float above 24630 or clear 24900 will signal that bears continue to have the upper hand."
In other Asian markets, Japan's Nikkei 225 gained 0.47 per cent, while Hong Kong's Hang Seng index was down 0.74 per cent. Taiwan's Weighted Index fell 0.42 per cent, while South Korea's KOSPI gained 0.52 per cent. (ANI)