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Indian equity benchmarks opened lower on Monday, pulled down by renewed geopolitical tensions and the risk of Trump tariffs. President Donald Trump threatened to impose “substantial” tariffs on Indian goods in response to continued oil imports from Russia, sparking new worries among investors.
By 10 AM, the Sensex slid by 450 points to 80,582, while the Nifty today dropped 123 points and traded at 24,599, slipping below a key level of 24,600. The broader market was down more sharply, with the Nifty Midcap 100 and Nifty Smallcap 100 down 0.70% and 0.38%, respectively. Overall, the market remained negative.
Traders and analysts are pointing out that in the short term, Indian markets are likely to remain pressured until the US-India trade talks provide clarity. Experts say that if there is any agreement that limits Trump tariffs to 20% or lower, it could improve sentiment.
However, if Trump makes good on his threats of 25% duties, it is likely to reduce growth opportunities and corporate performance, especially with India’s current high market valuations.
Market volatility edged slightly higher, with India VIX up 1.5% to 12.15, suggesting an increase in investor anxiety.
In terms of sectors, the market exhibited a mixed trend. Nifty Energy, PSU Banks, and Realty indices showed slight positive movement with gains of 0.21%, 0.13%, and 0.12%, respectively.
The Nifty Oil & Gas index showed the largest downside with a drop of 1.29%, followed by a decline of 0.93% in IT stocks.
Other sectors, such as Auto, Bank, FMCG, Infra, and Pharma, were also in the red with a slight index decline.
Also Read: Trump’s 25% India Tariff Won’t Raise iPhone 17 Prices: Explained
IndusInd Bank share price climbed above 5% after the Reserve Bank of India (RBI) approved Rajiv Anand’s appointment as MD & CEO. Analysts at Emkay Global remarked that Anand's very successful leadership experience across wholesale and retail banking, as well as his digital background, would be helpful.
Meanwhile, Marico shares fell by over 1% after the release of the Q1 FY26 results. It reported an 8.2% net profit increase of Rs. 513 crore, while revenue growth amounted to 23.3% at Rs. 3,259 crore, reflecting broad-based strength across all products.
Sona BLW Precision Forgings was over 2% thick, even though it announced a 12.2% drop in Q1 net profits. CLSA continued to rate the stock "Outperform" with a price target of Rs. 566, indicating further upside.
On a technical level, the market has created an inside bar pattern that would signify buyers are continuing to defend the support zone of 24,500-24,600 that has held firm since May.
However, the upside is still limited, and immediate resistance levels may be seen around 24,850-24,950. Analysts suggest a range-trading strategy with many opportunities to buy on dips and sell into rallies at or near resistance.
