Indian markets continued to witness selling pressure in early afternoon session amid US tariff pressure. Besides, traders preferred to play safe ahead of India’s inflation data, which going to be out on August 12. Traders took note of report that Apparel Export Promotion Council (AEPC) has said that the doubling of tariffs to 50 per cent by the Trump administration on Indian goods will sound the death knell for micro and medium enterprises, particularly those heavily dependent on the American market. Besides, U.S. President Donald Trump has said there will be no trade negotiations with India until a dispute over tariffs is resolved, following his administration's decision to double tariffs on Indian imports. On the global front, Asian markets were trading mixed as uncertainty continues over US reciprocal tariffs. US President Donald Trump announced a 100 percent tariff on imports of semiconductors and chips but said companies that are building in the U.S. would be exempted. 

The BSE Sensex is currently trading at 80031.07, down by 592.19 points or 0.73% after trading in a range of 79989.50 and 80550.40. There were 8 stocks advancing against 22 stocks declining on the index.

The broader indices were trading in red; the BSE Mid cap index declined 0.90%, while Small cap index was down by 0.34%.

The only gaining sectoral index on the BSE was Oil & Gas up by 0.23%, while Metal down by 1.85%, Basic Materials down by 1.40%, Telecom down by 1.25%, TECK down by 1.14% and Realty was down by 1.12% were the top losing indices on BSE.

The top gainers on the Sensex were Titan Company up by 1.67%, NTPC up by 1.24%, Trent up by 0.30%, Maruti Suzuki up by 0.30% and Tech Mahindra up by 0.18%. On the flip side, Bharti Airtel down by 2.58%, Axis Bank down by 1.60%, Adani Ports down by 1.56%, Tata Steel down by 1.50% and Reliance Industries down by 1.31% were the top losers.

Meanwhile, the think tank GTRI has indicated that 50% tariff imposition on Indian goods by US may cause 50% to 70% declined in exports of nine product categories, including organic chemicals, apparel, jewellery and shrimp. US President Donald Trump has slapped an additional 25% tariff on India, raising the total duties to 50% on Indian exports to US, as a penalty for India’s continued purchase of Russian oil. The 50% duty will come into effect from August 27. These tariffs came on top of the usual US import duties, called Most Favoured Nation (MFN) tariffs. GTRI marked the US’ decision to make India one of the most heavily taxed US trading partners as worst than US imposing 30% tariffs on China and 20% tariffs on Vietnam.

GTRI, in its analysis, has categorised exports of nine product categories as very high impact sectors which may get affected by 50% to 70%. These product categories include organic chemicals, carpets, knitted and woven apparel, made-ups, diamonds, gold and jewellery, machinery and mechanical appliances, furniture and bedding, and shrimp. Further, exports of steel, aluminium, copper, and auto parts have been categorized as high-impact segment goods and their exports may decline by 30% to 50%. Finally, low or no impact areas are pharmaceuticals, smartphones, and petroleum products.

It highlighted that India exported $2 billion worth of shrimps to the US in FY2025, accounting for 9.52% of total US shrimp imports. Meanwhile, it noted that these shrimps now face a 50% tariff, an antidumping duty and a countervailing duty of about 10%, and face risk losing significant ground to lower-taxed competitors like Chile. It also noted that India had exported organic chemicals worth $2.7 billion to the US in FY2025, holding a 5.11% market share, and now these exports face a 54% total tariff which includes 4% MFN plus 50% Trump tariff. Moreover, India is the largest exporter of carpets to the US, with a 35.48 per cent market share and $1.2 billion in export value, now faces 52.10% tariff duty. Additionally, it has raised concerns of these tariffs derailing country’s growth in advanced manufacturing exports.

The CNX Nifty is currently trading at 24422.35, down by 173.80 points or 0.71% after trading in a range of 24402.25 and 24585.50. There were 12 stocks advancing against 37 stocks declining on the index, while 1 stock remained unchanged.

The top gainers on Nifty were Titan Company up by 1.68%, NTPC up by 1.47%, HDFC Life Insurance up by 0.39%, Trent up by 0.37% and Dr. Reddy's Lab up by 0.36%. On the flip side, Adani Enterprises down by 3.26%, Bharti Airtel down by 2.51%, Hindalco down by 2.32%, Grasim Industries down by 2.12% and Shriram Finance down by 1.86% were the top losers.

Asian markets were trading mixed; Nikkei 225 surged 720.85 points or 1.73 to 41,780.00, Jakarta Composite gained 58.54 points or 0.78 to 7,548.72 and Taiwan Weighted was up by 17.49 points or 0.07 to 24,021.26. On the flip side, Shanghai Composite weakened 4.53 points or 0.12 to 3,635.14, KOSPI dropped 17.67 points or 0.55 to 3,210.01, Straits Times fell 33.2 points or 0.78 to 4,224.95 and Hang Seng was down by 325.63 points or 1.3 to 24,756.00.