Stock Market Updates LIVE: Benchmark indices were trading lower on Thursday, after US President announced a tariff rate of 27 per cent on imports into the US from India. At opening bell, the BSE Sensex was lower by 504.28 points, or 0.66 per cent, at 76,113.16, and the Nifty 50 was at 23,187.35, behind by 145 points, or 0.62 per cent.
At 2 PM, the BSE Sensex was lower by 310.43 points, or 0.41 per cent, at 76,307, and the Nifty 50 was at 23,262.45, behind by 69.90 points, or 0.30 per cent.
With US President Donald Trump announcing sweeping tariffs of at least 10 per cent (26 per cent on India) on all imports from over 180 countries, the Indian stock markets are likely to mirror the mood in global markets, where Asia-Pacific markets were trading with deep cuts following the announcement.
Trump, at an event held at White House Rose Garden, announced tariffs ranging from 10 per cent to as high as 50 per cent on some countries, with countries like China slapped with 34 per cent (20 per cent levied previously), European Union at 20 per cent, and Japan and South Korea at 24 per cent and 25 per cent, respectively, among others.
Global Cues
Stocks dived and investors scrambled to the safety of bonds, gold and the yen on Thursday as US President Donald Trump unveiled a bigger-than-expected wall of tariffs around the world’s largest economy, upending trade and supply chains.
Nasdaq futures tumbled 4 per cent and in after-hours trade some $760 billion was wiped from the market value of Magnificent Seven technology leaders. Apple shares, hit hardest as the company makes iPhones in China, were down nearly 7 per cent.
S&P 500 futures fell 3.3 per cent, FTSE futures fell 1.8 per cent, while European futures fell nearly 2 per cent.
In early trade in Tokyo, the Nikkei was down 3.9 per cent at an eight-month low, with nearly every index member falling as shippers, banks, insurers and exporters copped a beating.
Benchmark 10-year Treasury yields shot down 14 basis points to a five-month low of 4.04 per cent as investors braced for slower US growth, while interest rate futures priced in a higher chance of interest rate cuts in the months ahead.
