Trump’s Tariffs Shake Up Markets: Sensex Slips 300 Points, IT Stocks Take a Hit While Pharma Gains
The Indian stock market had a rough ride today as investors reacted to U.S. President Donald Trump’s latest round of tariffs. The Sensex dropped 322 points (0.42%) to close at 76,295, while the Nifty50 slipped 82 points (0.35%) to settle at 23,250.
The IT sector took a beating, with the Nifty IT index tumbling over 4% amid fears of a U.S. recession. Persistent Systems, Coforge, and Mphasis led the decline, plunging nearly 10% as investors worried about potential business slowdowns due to trade tensions.
On the flip side, pharma stocks turned out to be a safe haven, as Trump’s new tariffs largely spared the sector. Companies like IPCA Labs, Lupin, and Natco Pharma saw gains of up to 4.5%, providing some relief to investors.
The Tariff Turmoil
Trump’s latest move slaps a 10% base tax on all U.S. imports, with higher rates for countries running trade surpluses. India got hit with a 27% tariff on its exports, adding to economic uncertainty.
Despite the market’s overall dip, mid-cap and small-cap stocks held their ground, with minor gains. Analysts believe strong domestic economic data and lower crude oil prices helped cushion the impact.
What’s Next for the Market?
Technical experts say the Nifty50 has key support at 23,100. If it holds, we could see a rebound toward 23,430. But if it breaks below, traders might brace for a drop toward 22,800.
For now, investors are watching how trade discussions between India and the U.S. unfold, hoping the worst is over. But with global volatility on the rise, markets may continue to be on edge in the coming weeks.
Market Jitters: Sensex Slips 300 Points as IT & Pharma Take Center Stage
