The domestic stock market opened with a major decline on Thursday (April 3). The global markets declined after US President Donald Trump announced a tariff of at least 10% (up to 26%) on more than 180 countries (up to 26%). It also affected the Indian stock market. The Asian markets saw a major decline after Trump’s announcement.
Stock market started with a decline
Talking about the stock market at 9.30 am, the Sensex opened at 76,281.78 points at 76,281.78, while the Nifty -91.60 points opened at 23,240.75 points.
Trump imposed 26% import duty on India
- US President Donald Trump on Thursday announced a ‘mutual duty’ on all imports from India and other countries. He described this decision as “a type of mutual decision”.
- Trump said that India’s tariff policies are “very strict”. Therefore, the US will impose 26 percent duty on all imports from India, which is half of the fees levied by India on American products.
- In an event held at Rose Garden of the White House, Trump announced to impose import duty from 10 percent to 50 percent on various countries. This includes a total of 34 percent tariffs on China (which already contains 20 percent tariffs), 20 percent on the European Union, 24 percent on Japan and 25 percent on South Korea.
- Indian stock market activities can also be affected by global market activities, foreign institutional investors (FIIs) business and Nifty F&O closing.
Decline in IT shares
Trump has cleared the decision to impose new tariffs on 180 countries including India. This has led to a decline in shares of very highly dependent local IT companies on the US market. As soon as the market opened, HCL Telecom, Infosys, TCS, Tech Mahindra shares fell by 2.5%.
Banking and IT shares decline
After the announcement of Trump, banking and IT stocks saw the biggest decline in the open stock market in the morning. Shares of TCS, the country’s largest IT company, were trading below 2.40 percent. While Infosys shares fell by 2.28 percent. The shares of HCL Tech and Tech Mahindra declined by more than 2 percent. On the other hand, the shares of Tata Motors and Adani Ports have also seen a decline of more than one percent. The shares of Reliance Industries and Bharat Acetel are seeing a decline of nearly one per cent.
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