Indian Markets Open Lower Due to US Tariffs, Midcap & Smallcap Under Pressure

Mumbai (The Uttam Hindu): Indian stock markets opened in the red on Tuesday's trading session. At 9:30 am, the Sensex was down 172 points or 0.22 percent at 77,138 and the Nifty was down 69 points or 0.30 percent at 23,315.

The reason for the fall in the market is the imposition of 25 percent tariff on imported steel and aluminum products by US President Donald Trump.

There is a sell-off all around in the market. The Nifty Midcap 100 index is down 648 points or 1.24 percent at 51,855 and the Nifty Smallcap 100 index is down 250 points or 1.50 percent at 16,398.

India VIX, an index showing volatility in the market, rose by 1.66 percent to 14.69.

According to Akash Shah of Choice Broking, 23,260 is an important support for Nifty. If it breaks this, it can reach the level of 23,000. At the same time, in case of bullishness, 23,460 is a resistance level. If it breaks, then the levels of 23,550 and 23,700 can be seen.

Adani Ports, Infosys, Maruti Suzuki, HCL Tech, IndusInd Bank, HUL, Tech Mahindra, Bharti Airtel, Axis Bank and ITC are the top gainers in the Sensex pack. Zomato, Power Grid, Kotak Mahindra Bank, Bajaj Finserv, Tata Motors, UltraTech Cement, L&T, HDFC Bank and ICICI Bank are the top losers.

Nifty's IT, FMCG and Metal indices are trading in the green. There is selling in Auto, PSU Bank, Financial Services, Pharma, Realty, Metal and Energy indices.

There is mixed trading in Asian markets. The markets of Tokyo, Bangkok and Seoul are in the green. The markets of Hong Kong, Shanghai and Jakarta are in the red.

Crude oil is witnessing a rise. Brent crude is at $ 76.15 per barrel with a gain of 0.37 percent and WTI crude is at $ 72.57 per barrel with a gain of 0.35 percent.