&imwidth=800&imheight=600&format=webp&quality=medium "Why did Sensex and Nifty fall today? Here's what the expert says")
A day after Donald Trump's 50 percent tariff on Indian exports took effect, the stock markets opened in the red on Thursday, with both the Nifty and BSE Sensex remaining under pressure. By 12 noon, the Sensex had fallen over 300 points, and Nifty was below the 24650 mark. Why did the Sensex and Nifty tank?
According to market experts, the immediate impact of Donald Trump's tariffs has shaken investor confidence. However, the upcoming GST reform might bring some relief in the future.
Ajay Bagga, banking and market expert, said the negative sentiment is weighing on the investors' minds as of now. However, the GST Council meeting on September 4 may help boost the sentiment.
"Today, being the monthly expiry and the tariff implementation day after, expect negative sentiment to continue. However, with 12 months of underperformance, Indian markets are setting up for better days ahead. That might be after another sharp cut or could start with the GST Council meet outcome on September 4," he told ANI.
He also attributed the current volatility to geopolitics.
"Tariffs happened, truce did not. The US is calling Ukraine 'Modi's War' while the Treasury Secretary is talking of an eventual agreement with India. Conflicting signals from within the Trump administration are adding to the policy chaos. Democrats in the US are calling Trump's sanctions on India a self-goal," he added.
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In early trade, HCL Technologies, HDFC Bank, Sun Pharmaceutical, and Bharat Electronics Declined. Eternal, Asian Paints, Maruti Suzuki, and Titan gained.
However, it is expected that the market might recover in the coming days if it views tariffs as a short-term aberration.
Donald Trump has imposed tariffs on India because New Delhi has been buying Russian oil and weapons. The Trump administration accuses India of funding the Russian war in Ukraine by providing Moscow with financial help through buying discounted oil.