Indian equity indices opened Friday’s trading session on a lower note as US President Donald Trump imposed new tariffs that will come into effect from October 01. The NSE Nifty 50 opened 44 points or 0.17% lower at 24,847. The BSE Sensex opened 173 points or 0.21% lower at 80,986.
The Bank Nifty opened 130 points or 0.24% lower at 54,846. Similarly, the small and midcap stocks opened the day lower. The Nifty Midcap fell 87 points or 0.15% to open at 57,469.
“President Trump’s tantrums with tariffs are resuming with new tariff imposts on patented and branded drugs. India, being an exporter of generic drugs, is unlikely to be impacted by this. But perhaps the president’s next target can be the generic drugs. This decision may have a sentimental impact on pharmaceutical stocks,” said VK Vijayakumar, Chief Investment Strategist at Geojit Investments.
“Trump is now moving from country-specific tariffs to product-specific tariffs. Higher tariffs on trucks, upholstered furniture, etc., indicate that the Trump administration’s weaponisation of tariffs may continue till US inflation spikes, forcing a rethink of this policy,” he added.
Let’s take a look at the key factors to watch out for today’s trading session
Early gainers and laggards
In early trade, among the Nifty 50, top gainers at this hour were Larsen & Toubro, JSW Steel, Bharat Electricals, SBI, and Bharti Airtel. On the flip side, the key laggards in the Nifty 50 pack included Sun Pharma, Cipla, Dr Reddy’s Lab, Asian Paints, and Bajaj Finance.
Major movers on Friday
The stocks that were the major movers in the opening trade included TCS, Reliance Industries, Power Grid Corp, ICICI Bank, and Tata Motors, which were the major movers in the morning trade.