Indian equity markets open subdued on Wednesday as investors await a breakthrough on the US-India trade deal. Meanwhile, US President Donald Trump has threatened steep tariffs: 200% on pharma, 50% on copper and semiconductors, and a 10% levy on pharma imports and BRICS goods, adding to the tariff tensions.
At 09:40 a.m. IST, the Nifty 50 traded 37 points lower at 25,484, while the Sensex was down 157 points at 83,554. Broader markets saw recovery in early trade with the Nifty Midcap index rising 0.1% and the Smallcap index gaining 0.5%.
However, the retail sentiment on Stocktwits for Nifty has flipped to ‘neutral’ from ‘bullish’ a day ago.
Sectorally, it’s a mixed bag, with FMCG, pharma, and consumer durables gaining strength, while IT, metals, and banks reeled under pressure.
In stock-specific moves, HUL and Asian Paints (NSE:ASPN) were top Nifty gainers, rising over 1% after Jefferies identified these stocks as promising contra bets.
Dixon Technologies rose 2% after the company formed a 50:50 joint venture with Signify Innovations India to expand its presence in the lighting sector.
Union Bank of India (NSE:UNBK) shares slipped 4% after the bank reported a 5% growth in global business to ₹22.14 lakh crore in its first quarter operational update.
Lupin (NSE:LUPN) rose 2% after signing a pact with Zentiva to commercialize biosimilar Certolizumab Pegol globally. It is a drug used to treat autoimmune diseases.
