Daijiworld Media Network – Mumbai
Mumbai, Mar 4: Indian stock markets ended on a subdued note on Tuesday, with both the Sensex and Nifty dipping into negative territory following the implementation of US trade tariffs on Canada and Mexico.
The retaliatory tariffs imposed by Canada on US goods added to the market’s pessimism, further stifling investor sentiment.
The 30-share Sensex concluded the day at 72,989.93, down by 96 points, or 0.13 percent from its previous close. The index fluctuated between 73,033.18 and 72,633.54 during the trading session.
Similarly, the Nifty finished lower at 22,082.65, a decrease of 36.65 points, or 0.17 percent, after trading within a range of 22,105.05 and 21,964.60.
In broader market activity, the Nifty Smallcap100 index saw a positive movement, rising by 0.69 percent, while the Nifty Midcap100 index edged up by 0.05 percent.
Among the 50 Nifty stocks, 28 closed lower, with prominent decliners such as Bajaj Auto, Hero MotoCorp, Bajaj Finserv, HCL Tech, and Eicher Motors, which lost up to 4.95 percent. On the flip side, 22 stocks posted gains, including Adani Enterprises, State Bank of India (SBI), BPCL, Bharat Electronics, and Shriram Finance, which rose by up to 3.03 percent.
Sectoral performance was mixed. Indices for sectors such as PSU Bank, Bank Nifty, financial services, consumer durables, media, metal, oil & gas, and realty witnessed gains of up to 2.37 percent. Conversely, sectors like Nifty Auto, IT, Pharma, and FMCG faced losses, with declines reaching up to 1.31 percent. The Nifty Private Bank index saw a slight dip of 0.08 percent.
Abhishek Jaiswal, Fund Manager at Finavenue, commented, “The recent decline in small and midcap stocks is primarily due to profit booking after a strong rally, coupled with uncertainties in the global market.” He further noted that despite short-term market volatility, the underlying fundamentals of quality midcap companies remain strong, backed by India's robust economic growth and ongoing structural reforms.
Jaiswal advised investors to focus on businesses with healthy balance sheets and sustainable earnings growth, rather than reacting to short-lived market fluctuations.