The equity benchmarks Sensex and Nifty extended losses by noon after a flat start on Friday amid weak global cues and renewed concerns over US tariffs. Selling pressure in auto, metal and IT counters weighed on the market even as investors stayed cautious ahead of key domestic GDP data.
The Sensex dropped 228.39 points or 0.28 percent to 81,404.63, while the broader Nifty slipped 65.35 points or 0.26 percent to 24,768.25.
Market sentiment turned tepid after a US appeals court on Thursday allowed the President to temporarily continue imposing tariffs under emergency powers, while legal proceedings continue in a lower trade court.
Adding to the pressure, investors awaited the release of India’s GDP data for the March quarter along with provisional figures for the full financial year. The government is expected to announce the numbers later in the day.
Among major laggards were Bajaj Auto, Hindalco Industries, Shriram Finance, Tech Mahindra and Mahindra & Mahindra, declining up to 3 percent.
On the other hand, Bajaj Finserv, Coal India, Larsen & Toubro, Apollo Hospitals and HDFC Bank managed to post gains of up to 0.5 percent.
Market breadth was negative with 1,845 stocks declining, 1,436 advancing and 135 remaining unchanged on the BSE.
Indian IT stocks were among the major laggards after a US federal appeals court temporarily reinstated US President Donald Trump’s sweeping tariffs on foreign imports.
TCS, Infosys, HCL Tech, other IT stocks slide as US appeals court reinstates Trump tariffs
The broader market, however, showed some resilience. The Nifty Midcap 100 was flat around 11:30 am, while the Smallcap 100 slipped marginally by 0.11 percent.
“Stable institutional flows – both FII and DII – are keeping the market steady even in the absence of positive triggers,” said V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services. “The ongoing consolidation phase is likely to continue in the near term. Investors should keep in mind two key trends: India’s macro indicators are strong and improving, but this strength is not yet visible in corporate earnings. This mismatch is the main reason for the current range-bound movement in markets,” he added.
Globally, most Asian markets were trading lower. Japan’s Nikkei 225, South Korea’s Kospi, Shanghai Composite and Hong Kong’s Hang Seng all slipped into the red, mirroring losses on Wall Street Futures.
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