New Delhi, January 8: India’s benchmark equity indices opened lower on Thursday amid heightened global uncertainty triggered by fresh threats of steep US tariffs, sustained foreign portfolio investor (FPI) outflows, and rising geopolitical tensions.
The Nifty 50 opened at 26,106.50, down 34.25 points (0.13%), while the BSE Sensex slipped 183.12 points (0.22%) to start at 84,778.02.
Market sentiment weakened following reports of a proposed 500 per cent US tariff regime linked to a bipartisan Russia sanctions bill, which analysts say could impact countries such as India, China, and Brazil for continuing purchases of Russian oil.
Ajay Bagga, Banking and Market Expert, told ANI that Indian markets remain under pressure due to the combined impact of tariff threats, ongoing FPI selling, and muted expectations from the upcoming Union Budget.
He also pointed to escalating geopolitical risks after the US seized a Russian-flagged oil tanker in international waters. Additionally, US defence stocks declined sharply after former President Donald Trump criticised defence companies and suggested restrictions on dividends and share buybacks.
The pressure intensified after US Senator Lindsey Graham stated that former President Trump had approved the “Sanctioning of Russia Act, 2025.” According to the US Congress website, the bill proposes stringent penalties on individuals and entities linked to Russia and mandates a minimum 500 per cent duty on all Russian goods and services imported into the US.
On the broader market front, all NSE indices opened in the red except Nifty Smallcap. The Nifty 100 declined 0.19 per cent, while the Nifty Midcap 100 fell 0.10 per cent in early trade.
Sectorally, losses were led by Nifty Metal, down 0.67 per cent, followed by Nifty Pharma (-0.55%), Nifty Auto (-0.47%), Nifty PSU Bank (-0.23%), and Nifty IT (-0.07%).
Ponmudi R, CEO of Enrich Money, said markets remain cautious as key support levels hold but face strong resistance amid geopolitical tensions, tariff concerns, and persistent FPI outflows. He added that near-term direction will depend on whether indices can sustain moves above crucial resistance levels.
Meanwhile, gold and silver prices declined after major commodity indices were rebalanced between January 8 and 14. Brokerages estimate selling of nearly USD 7 billion each in gold and silver over the next five trading sessions.
Other Asian markets also traded weak, with global investors remaining wary amid renewed uncertainty linked to US policy signals. (ANI)
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