The Indian indices reacted to Donald Trump's list of tariffs, which were unveiled by the 47th US president on April 2. While the markets are expectedly trading in the red with cuts, the magnitude of this said decline has been relatively low compared to what was expected.
The Liberation Day' Tariffs as they are being called comes with the imposition of a universal 10 per cent tariff on all imports into the United States. These charges are expected to kick in from April 5.
Nifty IT In A Slump
This is because other Asian markets have reacted to the tariffs with a massive sell-off.
The Nifty, at the time of writing, was trading with a decline of 54.05 points or 0.23 per cent, taking the overall value to 23,278.30. In addition, the Sensex was also trading with minor cuts of 0.35 per cent or 271.68 points, taking the overall value to 76,345.76.
Meanwhile, this does not mean that it is all moonlight and roses. One of the biggest or worst hit amongst the sectoral indices is the Nifty IT index.
Nifty IT |
The tech index collapsed by a monumental 1,149.40 points or 3.17 per cent, taking the overall value of the index to 35,134.10 points.
This mega slump comes at a time, when rating agency Nomura downgraded multiple IT stocks, thanks to the brewing uncertainty.
Persistent
When we look at the major contributors to this landslide of a fall, Pune-based Persistent Systems suffered a colossal decline of 8.23 per cent or Rs 437.55.
This took the overall value of the company stock to Rs 4,879.95.
Infosys
Apart from that, when we look at some of the biggest companies in the industry, the shares of Infosys also slid.
The Bengaluru-based company saw its total value shrink by 2.66 per cent or Rs 41.25 per share. This dip pushed the overall value to Rs 1,508.90.
TCS
When it comes to the Mumbai-based TCS, one of the largest names in the Indian IT sector, the shares of this company were also trading in the red, dropping to Rs 3,445.95, thanks to a major 2.77 per cent or Rs 98.00.
In the bargain, the company shares hit the 52-week low of Rs 3,425.00 per share.
When it comes to other companies, HCL Tech, Tech Mahindra, and Wipro, along with other consequential companies was trading in the red with sizeable cuts.
