Stock market today: The domestic stock market has recorded a strong decline in the domestic stock market just a day before the US has implemented 50 percent tariff. New tariff rates will be effective from April 27 after commercial talks between India and America fail. At the beginning of the second trading day of the week, the trust of investors was shaken. The 30 -share Sensex of BSE broke more than 600 points in early trade and fell on the red mark. Similarly, the Nifty 50 also showed trading by slipping below 24,800 levels.
The biggest decline is seen in midcap and smallcap stocks. Along with this, there is heavy selling in metal, realty and banking stocks. After the news of the government’s announcement of not getting relief package from the government, the shares of Vodafone Idea have also fallen by about 9 percent.
Big fall in stock market
According to brokerage firms, American tariffs may have the biggest impact on companies like textile, engineering goods, leather and chemicals, which have a major share in the US market. Experts say that if concrete steps are not taken soon to find alternative markets and promote domestic consumption, then its effect may be deeper on corporate income and market moves in the coming quarters.
On the other hand, notifications have been issued by Washington to implement an additional 25 percent tariff on India. After this, the tariff rates on Indian goods exports will double to 50 percent from Wednesday. This action against India from America has been taken for buying oil from Russia during Ukraine War. This is the biggest trading action over New Delhi in recent times.
Trade with America will be difficult
After this decision of Trump and 50 percent tariff on India, the US will have a direct impact on the $ 86.5 billion exports being made by New Delhi in the US. Experts say that due to such a high rate tariff, Indian goods will not be able to compete in the US market and the exporters may have to suffer heavy losses ..
Also read: PMO’s big meeting today before 50 percent trump tariff on India became effective, government in action
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