Sensex, Nifty End Marginally Higher After Early Losses
(RTTNews) - Indian shares reversed early losses to end on a flat note Thursday. A cautious undertone prevailed after U.S. President Donald Trump signed an executive order imposing an additional 25 percent tariff on India as a "penalty" in response to its continued purchase of Russian oil.
While the initial 25 percent duty comes into effect today, the additional U.S. import tax will take effect in 21 days.
The overall impact on GDP is expected to be around 30-40 bps if these tariffs are sustained for a year.
The benchmark BSE Sensex hit an intraday low of 79,811 before recovering to close up 79.27 points, or 0.10 percent, at 80,623.26.
The broader NSE Nifty index ended up by 21.95 points, or 0.09 percent, at 24,596.15. The BSE mid-cap index rose 0.3 percent but the small-cap index slid 0.2 percent.
The market breadth was weak on the BSE, with 2,167 shares declining while 1,871 shares advanced and 153 shares closed unchanged.
Maruti Suzuki India, Axis Bank, Eternal, HCL Technologies and Tech Mahindra climbed 1-2 percent while Mahindra & Mahindra, Hindustan Unilever, Tata Motors, Trent and Adani Ports fell 1-2 percent.
India is exploring new markets for its exports—both goods and services—as a diversification strategy amid the United States' decision to levy high tariffs on Indian exports, said Dammu Ravi, Secretary (Economic Relations), Ministry of External Affairs.
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