Stock Market Today: The Indian stock market faced renewed selling pressure on February 21, with heavy losses in auto and pharma stocks dragging the frontline indices down for the fourth consecutive session.
The Nifty 50 ended the session with a cut of 0.51%, closing at 22,810, while the Sensex finished at 75,384, down 0.5% compared to Wednesday’s closing price. The Nifty Midcap 100 index wrapped up the session with a drop of 1.25%, closing at 50,523, while the Nifty Smallcap 100 index recorded a fall of 1.43%, settling at 15,647.
Escalating global trade tensions continue to weigh on investor sentiment, prompting them to flee from risky assets towards safe havens such as gold. Earlier this week, Trump said he would announce fresh tariffs over the next month or sooner, adding lumber and forest products to previously announced plans to impose duties on imported cars, semiconductors, and pharmaceuticals.
Last week, Trump unveiled plans to levy reciprocal tariffs on all countries that impose tariffs on U.S. goods or implement non-tariff barriers restricting U.S. market access. Analysts warn that these levies could hamper key exports such as petrochemicals and pharmaceuticals, which account for about one-fifth of India’s exports to the U.S.
Adding to geopolitical risks, reports suggested Trump might withdraw US support for Ukraine during negotiations with Russia, potentially sidelining Kyiv and its European allies.
Since assuming office last month, Trump has imposed a 10% tariff on Chinese imports, announced and later delayed 25% tariffs on goods from Mexico and non-energy imports from Canada, set a date for 25% tariffs on imported steel and aluminum, and is planning reciprocal tariffs on all countries that tax U.S. imports.
Disclaimer: The views and recommendations given in this article are those of individual analysts. These do not represent the views of Mint. We advise investors to check with certified experts before taking any investment decisions.
