Trump's 25% auto tariff announcement causes a stir!
The effect of the auto tariff announcement by US President donald trump has started showing on the stock market. Tata Motors' stock saw a huge decline in the initial trading on march 27. Tata Motors' stock fell by 7 percent to Rs 661. In fact, this kind of decline has been seen in the market after the announcement of new tariffs by US President Donald Trump. trump has announced to impose 25 percent auto tariff on all cars imported to America from abroad.
Jaguar land rover (JLR) is a subsidiary of Tata Motors, for which America is the largest market. About one-third of its global sales come from North America. JLR cars are manufactured in britain and other countries. In such a situation, these cars will also come under the purview of 25 percent auto tariff. Simply put, this means that JLR vehicles will now become expensive in the US market and this may have a negative impact on sales.
Sensex rose 202.83 points to 77,491.33 points in early trade; Nifty rose 48.65 points to 23,535.50 points. Earlier, the rally in the local stock market for the last seven trading sessions came to a halt on wednesday and the BSE Sensex slipped 729 points. At the same time, the NSE Nifty fell below 23,500 points. The market remained in loss due to profit booking mainly in bank and IT stocks before the settlement of monthly contracts in the futures and options segment.. The BSE Sensex based on 30 shares closed at 77,288.50 points, down 728.69 points or 0.93 percent.
During trading, it had slipped to 822.97 points at one time.. National Stock Exchange's Nifty also closed at 23,486.85 points with a fall of 181.80 points i.e. 0.77 percent.. Sensex had climbed 4,188.28 points i.e. 5.67 percent in the previous seven trading sessions.. At the same time, NSE Nifty had strengthened by 1,271.45 points i.e. 5.67 percent.
Among the companies included in the Sensex, shares of NTPC, Tech mahindra, Zomato, Axis bank, Bajaj Finance, Infosys, Maruti, bank of india-Latest Updates, Photos, Videos are a click away, CLICK NOW'>state bank of india, mahindra BANK' target='_blank' title='kotak mahindra bank-Latest Updates, Photos, Videos are a click away, CLICK NOW'>kotak mahindra bank, reliance Industries, Hindustan Unilever and hdfc bank were major losers.. On the other hand, the stocks that remained in profit include IndusInd bank, HCL Tech, Titan, mahindra & mahindra and Power Grid.. Geojit Investments Ltd. Vinod Nair, Head of Research, BSE, said, "After the recent rally, profit booking was seen in the market... This profit booking has happened before the announcement of tariff rates in the US next week... Some selling pressure was seen in sectors like pharma and IT, which have significant business linked to the US market.
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