The Indian equity benchmark indices opened lower on Tuesday, March 11, 2025, amid weak global cues. Selling was observed in the IT, media, and private bank sectors in early trade.
The Sensex was trading 371.74 points or 0.50 per cent down at 73,743.43, while the Niftydeclined 104.25 points or 0.46 per cent at 22,356.05. The Nifty Bank was down 349.75 points or 0.73 per cent at 47,867.05.
The Nifty Midcap 100 index was trading at 47,872.30 after declining 567.80 points or 1.17 per cent. Nifty Smallcap 100 index was at 14,946.10 after declining 252.05 points or 1.66 per cent.
Market watchers have attributed this decline to the impact of US President Donald Trump ‘s inconsistent tariff policy and the high uncertainty it has triggered on US stock markets.
The S&P 500 and Nasdaq declined by 2.6 per cent and 4 per cent, respectively, indicating the market’s response to Trump’s tariffs and the possibility of a US recession by the end of the year.
However, a significant consequence of the ongoing market correction is that India is now outperforming the US.
Over the last month, while the S&P 500 is down 7.5 per cent, the Nifty is down only 2.7 per cent. The dollar index is down from 109.3 when Trump assumed presidency to 103.71 now.
India’s Market Performance Amid Global Trends
In the Sensex pack, IndusInd Bank, Infosys, Zomato, Tech Mahindra, HCL Tech, M&M, Tata Motors, TCS, PowerGrid, NTPC and Bajaj Finance were the top losers. On the other hand, ICICI Bank, Maruti Suzuki, Sun Pharma, ITC, Adani Ports and Titan were the top gainers.
In the last trading session, Dow Jones declined 2.08 per cent to close at 41,911.71. The S&P 500 declined 2.70 per cent to 5,614.56 and the Nasdaq dropped 4.00 per cent to close at 17,468.32. In the Asian markets, Japan, Seoul, Bangkok, China, Jakarta and Hong Kong were trading in red.
The foreign institutional investors (FIIs) extended their selling on March 10 as they sold equities worth Rs 485.41 crore. However, domestic institutional investors (DIIs) bought equities worth Rs 263.51 crore, on the same day.
Impact of Global Policies
The Indian Steel Association (ISA) has expressed deep concern over the US decision to impose tariffs on steel imports, urging the Indian government to push for the removal of long-standing anti-dumping and countervailing duties and to secure exemptions from these restrictive measures.
The latest tariff is expected to slash steel exports to the US by 85 per cent. These tariffs could lead to a massive steel surplus that will likely flood the Indian market, ISA warned.
The rupee traded weak by 0.05 at 86.70 despite the dollar index slipping to 106.60, as foreign institutional investor (FII) selling continued, keeping pressure on the currency.
Going forward, the rupee is expected to trade in a range of 86.45-87.10, with global sentiment and capital flows playing a key role in determining direction, according to market watchers.
Meanwhile, gold traded weak and remained volatile within a range, with Comex gold fluctuating between $2,920 and $2,935. At MCX, gold moved between Rs 85,900 and Rs 85,400.
