Indian equity benchmarks began Thursday’s session in the red, as investor sentiment turned sour amid rising global concerns over debt and fiscal deficits in the United States.
The Nifty 50 opened at 24,733.95, shedding 79.50 points or 0.32 per cent, while the BSE Sensex slipped 273.58 points or 0.34 per cent to begin the day at 81,323.05.
The declines came on the heels of heightened volatility across global bond markets, as traders reacted to US President Donald Trump’s financing and spending proposals.
“Bond markets from the US to Japan to Europe are throwing a tantrum as a warning,” Ajay Bagga, banking and market expert said. “US markets had a 1 per cent plus fall on the back of worries on the debt and deficit impact of the Trump tax cuts and spending plan. Asian markets are likewise following the US lead.”
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Bagga added that a recent auction of a US 20-year Treasury bond had failed to garner expected interest. “We think the structural issues in the US fiscal math and debt burden remain, however, markets are edgy without giving time for developments to play out,” he said. “We think a 10 per cent universal tariff, tax cuts and deregulation will create a strong environment for risk assets down the line. Trump has shown his sensitivity to market feedback and we expect better outcomes than what are being priced in by global markets at present.”
Sector-wise, Nifty Media was the sole gainer during early trade. All other indices opened in the red. Nifty IT fell by over 1 per cent, Nifty FMCG was down 0.78 per cent, Nifty Auto declined by 0.67 per cent, and Nifty Metal edged lower by 0.08 per cent.
Among the top performers on the Nifty 50 were Adani Ports, Adani Enterprises, Jio Financial Services, Tata Steel, and NTPC. Conversely, Tech Mahindra, Power Grid, HCL Technologies, Trent, and Shriram Finance were among the leading laggards.
Investors also kept an eye on corporate earnings, with several major firms slated to release results for the quarter ending March 2025. These include ITC, Sun Pharmaceutical Industries, Grasim Industries, GMR Airports, Container Corporation of India, Metro Brands, The Ramco Cements, Emcure Pharmaceuticals, Gujarat State Petronet, Deepak Fertilisers and Petrochemicals Corporation, Clean Science & Technology, and TBO Tek.
The mood in other Asian markets reflected similar caution. Japan’s Nikkei 225 fell 0.9 per cent, Singapore’s Straits Times dropped 0.3 per cent, Hong Kong’s Hang Seng slid 0.4 per cent, and South Korea’s KOSPI fell by over 1.3 per cent at the time of reporting.
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