Sensex, Nifty Edge Lower; IT Stocks Drag On Trade Worries
(RTTNews) - Indian shares opened on a weak note on Friday after a Trump administration official called India the 'Maharaja' of tariffs and ramped up his criticism over the trade ahead of an expected tariff increase on August 27.
White House Trade Adviser Peter Navarro accused India of playing a "role in the bloodshed," in Ukraine by importing Russian oil, calling it a "laundromat for the Kremlin."
Traders also pared back wagers on imminent Federal Reserve interest-rate cuts and braced for Fed Chair Jerome Powell's speech at the Jackson Hole symposium.
The benchmark BSE Sensex was down 386 points, or half a percent, at 81,614 in early trade, while the broader NSE Nifty index dipped 124 points, or half a percent, to 24,960.
Among the prominent decliners, HDFC Bank, TCS, Tech Mahindra, ITC, ICICI Bank, Asian Paints and HCL Technologies all fell around 1 percent.
IDBI Bank fell over 2 percent on reports the government will complete the "core" phase of privatization this fiscal.
Goldiam International rallied 3.4 percent after raising Rs. 202 crore via a qualified institutional placement (QIP).
GMR Airports gained 1 percent on fund raising reports.
Texmaco Rail & Engineering rose over 2 percent on securing a Rs. 103.16 crore order from Leap Grain Rail Logistics.
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