Mumbai, Feb 3: India’s stock markets on Monday were trading lower as weak global cues and a decline in Asian markets weighed on investor sentiment. The benchmark indices, Sensex and Nifty, struggled throughout the day, with most sectors witnessing losses.
At the closing bell, the BSE Sensex had dropped 319.22 points, or 0.41 per cent, to settle at 77,186.74, while the Nifty was down 121.10 points, or 0.52 per cent, to close the trading session at 23,361.05.
The decline in the Indian share market is due to US President Donald Trump’s decision to impose a 25 per cent tariff on imports from Canada and Mexico, along with a 10 per cent duty on Chinese goods.
Trump argues that these measures are necessary to protect American borders and curb illicit activities. Out of 50 constituent stocks on Nifty, 35 closed in the red as the exchange was in negative territory throughout the trading session.
Heavyweights like Larsen & Toubro, Tata Consumer, Hero MotoCorp, Coal India, and Bharat Electronics are among the top losers on NSE with losses extending up to 4.67 per cent. On the other hand, 13 stocks managed to stay in positive territory, led by Bajaj Finance, Shriram Finance, Mahindra & Mahindra, Wipro, and Bajaj Finserv, which recorded gains of up to 5.12 per cent.
Most sectors were in the red, except for IT, which went up by 0.39 per cent and consumer durables, which rose 0.33 per cent. The biggest losers were metal stocks, which fell 3 per cent, and oil & gas stocks, which declined 2.80 per cent. Other sectors facing pressure included FMCG which was down by 2.14 per cent, PSU Banks was down by 2.02 per cent, and realty declined by 1.20 per cent.
The Nifty Bank index was also under pressure, slipping 0.61 per cent, along with financial services, healthcare, and pharma stocks. The broader markets also struggled, with the BSE SmallCap index falling 1.85 per cent and the BSE MidCap index losing 1.29 per cent. Meanwhile, India’s market volatility index, India VIX, rose 2.30 per cent to 14.42.
IANS