Mumbai, Feb 11 (IANS): The domestic benchmark indices opened lower on Tuesday, as US President Donald Trump formally announced plans to impose 25 per cent tariffs on all steel and aluminium imports coming into the United States "without exceptions or exemptions”.
At around 9.32 am, the Sensex was down 172.29 points or 0.22 per cent at 77,138.51 and the Nifty was down 56 points or 0.24 per cent at 23,324.80.
The Indian Steel Association (ISA) has expressed deep concern over the US decision to impose tariffs on steel imports, urging the Indian government to push for the removal of long-standing anti-dumping and countervailing duties and to secure exemptions from these restrictive measures.
The latest tariff is expected to slash steel exports to the US by 85 per cent. These tariffs could lead to a massive steel surplus that will likely flood the Indian market, ISA warned.
Eicher Motors and Apollo Hospitals dropped the most on the Nifty in reaction to their third-quarter financial results.
The Nifty Realty and Nifty Auto declined the most on the NSE. Nifty Media and Nifty Pharma were other notable declines in early trade.
According to experts, the stock market move suggests a cautious sentiment, influenced by global cues and the absence of strong domestic triggers.
Investors will closely monitor global market trends, crude oil prices and institutional flows for further direction, they added.
On the daily chart, Nifty has formed a bearish candlestick, signalling negative sentiment. The index faces key resistance at 23,460, and a breakout above this level could drive further gains towards 23,550 and 23,700.
Institutional flows remain a key factor in market sentiment. On February 10, foreign institutional investors (FIIs) sold equities worth Rs 2,463 crore, while domestic institutional investors (DIIs) bought equities worth Rs 1,515 crore.
“These transactions will be closely monitored for their impact on market direction. Overall, traders are advised to exercise caution and wait for confirmation of price action at key levels before initiating fresh positions,” said Aakash Shah from Choice Broking.
The developments in the global markets and the uncertainty prevailing regarding the tariffs are likely to play the catalyst’s role in setting up the market tone, said experts.