Sensex, Nifty Open Lower On Tariff Worries

(RTTNews) - Indian shares were subdued in early trade on Monday, with IT stocks pacing the declines.

A cautious undertone prevailed after U.S. President Donald Trump on Saturday threatened to impose a 30 percent tariff on imports from Mexico and the European Union starting on Aug 1, even as they are locked in long negotiations.

The benchmark S&P/BSE Sensex was down 270 points, or 0.3 percent, at 82,229 in early trade while the broader NSE Nifty index dropped 62 points, or 0.2 percent, to 25,088.

Among the prominent decliners, Bharti Airtel, Bajaj FinServ, Tech Mahindra Infosys and Bajaj Finance declined 1-2 percent.

HCL Tech, Tata Tech and Ola Electric Mobility fell between half a percent and 1 percent ahead of their first quarter results.

Avenue Supermarts tumbled 3.2 percent as its June quarter results came in below consensus estimates.

Azko Nobell India was little changed as JSW Paints launched a Rs 3,929 crore open offer to acquire up to 25.2 percent stake in the company.

Siemens gained about 1 percent on bagging two separate orders worth Rs 773 crore from Maha Metro.