Indian shares slip as US unleashes steep tariffs
The Nifty 50 (.NSEI), opens new tab fell 0.33% to 24,685.15 points and the BSE Sensex (.BSESN), opens new tab lost 0.28% to 80,970.31 as of 10:02 a.m. IST.
Fourteen of the 16 major sectors declined while the broader smallcaps (.NIFSMCP100), opens new tab and midcaps (.NIFMDCP100), opens new tab fell about 0.75% each.
India's benchmark indexes fell as much as 0.9% on Thursday, but pared some losses at close as investors saw the 25% tariff as a pressure tactic, hoping for lower rates once negotiations conclude.
The trade talks between the two countries are continuing, U.S. President Donald Trump said on Wednesday.
On Thursday, Trump set rates including a 35% duty on many goods from Canada, 50% for Brazil, 20% for Taiwan and 39% for Switzerland, according to a presidential executive order.
"Markets have resumed their downward trajectory, primarily due to U.S. tariffs, persistent foreign outflows and soft earnings," said Nandish Shah, deputy vice president at HDFC Securities.
Among individual stocks, Sun Pharmaceutical Industries (SUN.NS), opens new tab lost 4%, making it the worst Nifty 50 loser, after reporting quarterly earnings.
Brokerage Investec downgraded Sun Pharma shares by two notches to "sell", forecasting weaker earnings over the next three quarters. The shares led losses in pharma index (.NIPHARM), opens new tab, which lost 2.3%.
Consumer goods giant Hindustan Unilever (HLL.NS), opens new tab rose 4% after posting higher quarterly profit amid a rural recovery. Goldman Sachs upgraded the stock to "buy" from "neutral", citing potential acceleration in revenue growth.
PNB Housing Finance (PNBH.NS), opens new tab tumbled 15.4% after the company's managing director and chief executive officer, Girish Kousgi, announced his resignation post-market hours on Thursday.
Analysts called the resignation a setback, noting Kousgi's key role in boosting profitability and asset quality.
($1 = 87.5700 Indian rupees)
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