Mumbai, March 4 (IANS). The Indian benchmark indices on Tuesday witnessed a decline in the early trade as the auto and IT sector recorded selling in the early trade amid weak global signals.
Around 9.30 am, the Sensex was trading at 72,722.72 at 72,722.72 at around 9.30 am, while the Nifty was trading 125.80 points or 0.57 per cent at 21,993.50.
According to experts, the uncertainty spread by US President Donald Trump is increasing in global trade.
He said, “25 percent tariffs on Canada and Mexico and 20 percent of tariffs on China (now additional 10 percent) are turning into action. The response to these tariffs imposed by Donald Trump is not yet known. There will be definitely a reaction.
In response to Tariff Hike by Trump administration, Canada will impose 25 percent tariffs on US imports of 30 billion Canadian dollars from Tuesday. It will impose tariffs on additional US imports of $ 125 billion Canadian in the coming 21 days.
Meanwhile, the Nifty Bank was at 91.80 points or 0.19 percent to 48,022.50. The Nifty Midcap 100 index was trading at 47,100.65 after a decline of 883.50 points or 1.84 percent. The Nifty Smallcap 100 index was at 14,409.35 after a decline of 251.50 points or 1.72 percent.
According to the market monitoring, the Nifty has received immediate support at 22,000, before 21,850 and 21,600 support, while the resistance is 22,500 and after that at 22,600 and 22,800 levels.
Choice Broking’s Mandar Bhojane said, “Breakdown below 22,000 can increase the sales pressure towards 21,800, while a recovery relief rally above 22,500 can trigger a relief rally. The index is still in recession and requires decisive breakouts for trend reversal.”
Meanwhile, the Sensex pack stood in Tech Mahindra, HCL Tech, Nestle India, Infosys, Tata Steel, M&M and Titan top loosers. Whereas, only ICICI Bank, HDFC Bank and SBI were the top gainers.
In the previous trading session in the US markets, Dow Jones fell 1.48 percent to close at 43,191.24. The S&P 500 index fell 1.76 percent to close at 5,849.72 and Nasdaq 2.64 percent to close at 18,350.19.
In Asian markets, only Bangkok was trading in green mark. China, Japan, Sol, Jakarta and Hong Kong were trading in red.
Foreign institutional investors (FIIs) continued their selling for the eighth consecutive day, as they sold shares worth Rs 4,788.29 crore on March 3. However, domestic institutional investors (DIIs) bought shares worth Rs 8,790.70 crore on the same day.
-IANS
SKT/AS
