On Tuesday, the Indian stock market witnessed heavy selling pressure right after the opening bell. The panic was triggered by the US government’s decision to impose an additional 25 percent tariff on Indian goods, which will take effect from 27 August. With this, the total US tariff on India will rise to 50 percent. Following the official notification, disappointed investors rushed to sell their holdings, causing a sharp fall in the markets.
Sensex Falls 647 Points and Nifty Drops 200 Points
By around 9:48 am, the BSE Sensex was trading down by 647 points, while the NSE Nifty 50 fell by nearly 200 points.
- Sensex opened at 81,377.39 points, down by 258.52 points (0.32 percent)
- Nifty opened at 24,899.50 points, down by 68.25 points (0.27 percent)
The confirmation of the additional 25 percent tariff has shaken investor confidence, resulting in aggressive selling across sectors.
Only Five Sensex Stocks Opened in Green
Out of the 30 Sensex-listed companies, only five stocks opened in positive territory, 21 stocks declined, and four stocks remained unchanged.
Similarly, within the Nifty 50, only 14 stocks were trading higher, 35 stocks fell sharply, and one stock opened flat.
- Top gainer: Titan (+0.49 percent)
- Top loser: Sun Pharma (–0.97 percent)
Also Read: The Pros and Cons of the Rupee Weakening Against the Dollar
Sensex Stocks That Opened in Green
- Hindustan Unilever: +0.37 percent
- Bajaj Finance: +0.12 percent
- Trent: +0.08 percent
- SBI: +0.04 percent
- Titan: +0.49 percent
Stocks like Tata Motors, Maruti Suzuki, Mahindra & Mahindra, and BEL opened unchanged.
IT and Banking Stocks Dragged the Market Down
Heavy selling was seen in IT and banking stocks, pulling the indices lower:
- Eternal: –0.86 percent
- ICICI Bank: –0.83 percent
- NTPC: –0.83 percent
- Bharti Airtel: –0.80 percent
- Axis Bank: –0.74 percent
- Tech Mahindra: –0.70 percent
- Infosys: –0.68 percent
- Kotak Mahindra Bank: –0.63 percent
- Bajaj Finserv: –0.52 percent
- Adani Ports: –0.48 percent
- Power Grid: –0.40 percent
- TCS: –0.34 percent
- L&T: –0.30 percent
- HCL Tech: –0.21 percent
- Reliance Industries: –0.21 percent
- Tata Steel: –0.06 percent
- UltraTech Cement: –0.04 percent
- Asian Paints: –0.03 percent
- HDFC Bank: –0.01 percent
- ITC: –0.10 percent