Sensex, Nifty Open Lower; IT And Auto Stocks Drag
(RTTNews) - Indian shares were slightly lower on Thursday after U.S. President Donald Trump announced 26 percent reciprocal tariff on India - half the rate India imposes on U.S. imports, leaving some room for negotiation.
Good news is pharma as well as steel, copper, bullion, energy and other certain minerals that aren't available in the U.S., are exempt from the reciprocal tariff for now.
Investors also await cues from an upcoming RBI policy meeting, with speculation rife that the Monetary Policy Committee (MPC) will announce a 25 basis points cut in the policy repo rate during its upcoming April 7-9 meeting.
The benchmark S&P/BSE Sensex was down 330 points, or 0.4 percent, at 76,286, recouping some early losses. The broader NSE Nifty index was down 80 points, or 0.4 percent, at 23,252.
Among the prominent decliners, Tata Motors, HCL Technologies, Tech Mahindra, Infosys and TCS were down 1-3 percent. Among the top gainers, Sun Pharma jumped more than 5 percent while NTPC, Titan Company, Bajaj Finance and Power Grid Corp all rose about 1 percent.
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