Mumbai, March 4
The Indian benchmark indices opened lower on Tuesday amid weak global cues, as selling was seen in the auto and IT sectors in the early trade.
At around 9.30 am, Sensex was trading 363.22 points or 0.50 per cent down at 72,722.72 while the Nifty declined 125.80 points or 0.57 per cent at 21,993.50.
Uncertainty unleashed by US President Donald Trump is aggravating in global trade, according to experts.
“The 25 per cent tariff on Canada and Mexico and the 20 per cent tariff on China (with the additional 10 per cent imposed now) kicking in the threats are turning into action. The retaliation to these Donald Trump tariffs is yet to be known. Certainly there will be responses," they added.
In response to Trump administration tariff hike, Canada will impose 25 per cent tariffs on US imports worth 30 billion Canadian dollars from Tuesday. It will impose tariffs on additional US imports worth 125 billion Canadian dollars in coming 21 days.
Meanwhile, Nifty Bank was down 91.80 points or 0.19 per cent at 48,022.50. The Nifty Midcap 100 index was trading at 47,100.65 after dropping 883.50 points or 1.84 per cent. Nifty Smallcap 100 index was at 14,409.35 after declining 251.50 points or 1.72 per cent.
According to market watchers, Nifty has immediate support at 22,000, followed by 21,850 and 21,600, while resistance is placed at 22,500, 22,600, and 22,800.