From the Sensex pack, IndusInd Bank, Mahindra & Mahindra, Tech Mahindra, HCL Tech, Infosys, Tata Steel, Tata Motors and Maruti were the biggest laggards.
| Photo Credit: Reuters
Benchmark indices Sensex and Nifty tanked in early trade on Friday (February 28, 2025) mirroring deep cuts in global markets after the latest announcement of additional 10% tariff on Chinese products rattled investors.
The 30-share BSE benchmark Sensex tanked 790.87 points to 73,821.56 in early trade. The NSE Nifty slumped 231.15 points to 22,313.90. From the Sensex pack, IndusInd Bank, Mahindra & Mahindra, Tech Mahindra, HCL Tech, Infosys, Tata Steel, Tata Motors and Maruti were the biggest laggards. Reliance Industries and HDFC Bank were the only gainers from the pack.
In Asian markets, Seoul, Tokyo, Shanghai and Hong Kong were trading with deep cuts. The U.S. markets ended sharply lower on Thursday (February 27, 2025).
“Stock markets dislike uncertainty and uncertainty has been on the rise ever since Trump was elected the U.S. President. The spate of tariff announcements by Trump has been impacting markets and the latest announcement of additional 10% tariff on China is a confirmation of the market view that Trump will use the initial months of his presidency to threaten countries with tariffs and then negotiate for a settlement favourable to the U.S. How China responds to the latest round of tariffs remains to be seen,” V.K. Vijayakumar, Chief Investment Strategist, Geojit Financial Services, said.
Foreign institutional investors (FIIs) offloaded equities worth ₹556.56 crore on Thursday (February 27, 2025), according to exchange data. Global oil benchmark Brent crude dipped 0.47% to $73.69 a barrel.
“Asian equities fell on Friday (February 28, 2025) after heavy selling on Wall Street as traders grappled with underwhelming Nvidia Corp results, further details on the U.S. tariffs and mixed economic data,” Ameya Ranadive, Chartered Market Technician, CFTe, Sr Technical Analyst, StoxBox, said.
The BSE Sensex eked out marginal gains of 10.31 points or 0.01% to settle at 74,612.43 on Thursday (February 27, 2025). The Nifty slipped 2.50 points or 0.01% to 22,545.05, registering its seventh day of decline.
“Asian markets also experienced declines, with losses of up to 2.5%, after President Trump confirmed that 25% tariffs on Canada and Mexico are set to take effect on March 4, 2025 and that an additional 10% tariff on Chinese imports will be imposed,” Vikas Jain, Head of Research, Reliance Securities, said.
Published – February 28, 2025 10:45 am IST
