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Sensex, Nifty Open Lower After Trump's Fresh Tariff Threat
(RTTNews) - Indian shares opened on a sluggish note Tuesday after U.S. President Donald Trump threatened to "substantially" raise tariffs on goods imported from India, accusing that the country profited from Russia's war in Ukraine by purchasing large quantities of Russian oil and reselling it on the global market.
The Ministry of External Affairs has said that it is unjustified and unreasonable for India to be targeted by the United States and the European Union.
In a statement, the Ministry asserted that India would take all necessary measures to safeguard its national interests and economic security.
Traders also looked ahead to Reserve Bank of India's monetary policy decision on Wednesday, with economists split on whether RBI's monetary policy board will continue cutting rates amid U.S. tariff shock and growth risks.
The benchmark BSE Sensex was down 382 points, or half a percent, at 80,636 in early trade while the broader NSE Nifty index dipped by 108 points, or 0.4 percent, to 24,615.
Bharti Airtel was up half a percent while Adani Ports dropped 1.4 percent ahead of their earnings results due today.
HDFC Bank, Sun Pharma, Reliance Industries, BEL and Infosys all were down around 1 percent.
Aurobindo Pharma fell over 1 percent on reporting a 10 percent fall in Q1 profit.
DLF declined 1.2 percent despite reporting 18 percent growth in Q1 consolidated net profit.
Delta Corp gained more than 1 percent as quarterly profit surged 36 percent year-on-year.
Godfrey Phillips soared 9 percent after its board approved a 2:1 bonus issue.
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