India’s stock benchmarks opened lower on Friday, tracking their Asian peers, due to concerns about a full-fledged global trade war.
The Nifty 50 was down 0.93% at 22,332.2 by 9:23 a.m. IST, while the BSE Sensex fell 0.91% to 73,926.27.
All the 13 major sectors declined at the open. The broader, small-cap and mid-caps fell about 1.3% each.
The MSCI Asia ex-Japan index sank 2% after U.S. President Donald Trump said that the 25% duties on imports from Canada and Mexico would come into effect on March 4 and not April 2 as he had suggested the day prior.
Trump also said goods from China will be subject to an additional 10% duty, heightening fears of an escalating trade conflict.
The Nifty 50 has fallen about 5% so far in February, and is on course for the fifth consecutive month of losses, its longest losing streak in 29 years.
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