Sensex, Nifty open lower amid fresh concerns over US tariffs

Indian benchmark indices posted mild losses in early trade on Friday amid rising geopolitical tensions and renewed concerns over the possibility of 500 per cent US tariffs on Indian goods under the provisions of the Russia Sanctioning Act.

As of 9.29 a.m., the Sensex slipped 107 points, or 0.13 per cent, to 84,073, while the Nifty eased 26 points, or 0.10 per cent, to 26,850.

Broader markets underperformed the benchmarks, with the Nifty Midcap 100 down 0.29 per cent and the Nifty Smallcap 100 declining 0.84 per cent.

ONGC and Bharat Electronics were among the top gainers in the Nifty pack. Realty and media stocks led the losses, with the Nifty Realty and Media indices falling 2.14 per cent and 1.34 per cent, respectively. All sectoral indices were trading in the red, except IT and PSU Bank.

Following Thursday’s sharp correction triggered by concerns over steep US tariffs, market sentiment remained cautious at the opening.

On Thursday, the Nifty extended its losing streak for a fourth consecutive session, declining 263 points to close at 25,876.

Asia-Pacific markets traded mixed in the morning session as investors assessed China’s inflation data, which accelerated in December to the fastest pace in nearly three years.

In Asian markets, China’s Shanghai index rose 0.3 per cent and Shenzhen gained 0.57 per cent. Japan’s Nikkei advanced 1.14 per cent, while Hong Kong’s Hang Seng index edged down 0.07 per cent. South Korea’s Kospi climbed 0.69 per cent.

US markets were mostly higher overnight, though the Nasdaq slipped 0.44 per cent. The S&P 500 ended marginally higher by 0.01 per cent, while the Dow Jones gained 0.55 per cent.

On January 8, foreign institutional investors (FIIs) sold equities worth a net Rs 3,367 crore, while domestic institutional investors (DIIs) were net buyers to the tune of Rs 3,701 crore.