Trump tariff on steel and aluminium hits market hard; Sensex, Nifty close in red - World News Network

Mumbai (Maharashtra) [India], February 10 (ANI): The Indian stock market ended Monday’s session deep in the red, as US President Donald Trump’s announcement of a 25 per cent tariff on steel and aluminium imports to the US rattled global investor sentiment.
The benchmark Sensex plunged 548.39 points to close at 77,311.80, while the Nifty dropped 182.85 points, settling at 23,381.60.
Market breadth was weak, with only 11 Nifty companies advancing, while 39 declined. Kotak Bank, Bharti Airtel, Britannia, Tata Consumer Products, and HCL Tech emerged as the top gainers, while Trent, Power Grid, Tata Steel, Titan, and ONGC were the worst performers of the session.
The Indian rupee plunged to an all-time low of 87.96 against the US dollar, as fears of an economic slowdown grew following Trump’s trade policy shift. Market experts believe that the combination of a depreciating rupee, increased import costs, and weakening domestic demand could lead to prolonged bearish trends in Indian equities.
Vinod Nair, Head of Research at Geojit Financial Services, said, “The US tariff threats continued to impact the market sentiment. Domestic yield is inching higher as investors stay cautious on riskier assets and navigate their investments to safe haven assets like gold. On the earnings front, the companies are facing downgrades in estimates due to a weak demand environment, margin pressure, and a cautious near-term outlook.”
VLA Ambala, Research Analyst and Co-Founder of Stock Market Today, stated, “Considering factors such as a depreciating rupee, tariff threats, weak domestic demand, costly imports and exports, and a widening trade deficit, the Indian economy could continue facing a bearish phase amid slower GDP growth.”
“However, the major indices like Nifty and Sensex have already corrected 12 per cent this quarter, and current market conditions suggest they could plunge further. Such a development could leave a prolonged impact on companies and GDP growth,” she added.
Foreign Institutional Investors (FIIs) remained net sellers, offloading shares worth Rs 10,179.40 crore, whereas Domestic Institutional Investors (DIIs) attempted to support the market by buying equities worth Rs 7,274.05 crore. The outflow of foreign funds underscores the uncertainty surrounding India’s growth trajectory amid global headwinds.
From a technical perspective, the Nifty formed a bearish Marubozu candlestick pattern, signaling strong selling pressure. According to Ambala, key support levels for the index in the next session lie between 23,200 and 23,050, while resistance is expected between 23,410 and 23,480.
As global trade tensions escalate and economic concerns deepen, investors are expected to remain cautious in the coming sessions. The focus will now be on how global markets react to the tariff announcements and whether any policy interventions from the Indian government or central bank can stabilize sentiment. (ANI)

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