SENSEX down over 300 pts, NIFTY50 below 22,900 level in morning trade; M&M shares slip 2%

The equity benchmark indices on Thursday, February 20, slipped into the red as investors remained cautious amid concerns over potential US tariffs.

During the opening bell, the S&P BSE SENSEX was trading at 75,624.46 levels, down 314.72 points, or 0.41%, while the NSE's NIFTY50 index was trading at 22,858.90, falling 74 points, or 0.32%.

As many as 32 stocks on the NIFTY50 index were trading in the red and 18 in the green.

The broader market remained under pressure as well with both BSE Midcap and Smallcap indices losing nearly 0.50%.

BSE Auto was the biggest loser among the sectors, falling 1.04%.

Mahindra and Mahindra (M&M), Maruti Suzuki India, HDFC Bank, ITC and Adani Entertainment were the biggest laggards on NIFTY50, declining as much as 1.97%.

Globally, the US continued its winning streak by gaining 0.3% across key indices. Asian markets traded lower on jitters about the Trump administration's new tariffs. In addition, the Fed officials sounded concerned about rising inflation in the US and warned caution in the interest rate policy. Following hawkish FOMC minutes, the gold prices edged higher to new record levels of $2,942 per ounce.

The US markets closed in green on Wednesday ahead of key economic data on jobless claims, scheduled to be released on Thursday. The S&P 500 closed at new record high levels by gaining 0.27%, followed by the Dow Jones and NASDAQ, which gained marginally.

Meanwhile, on Thursday morning, Asian markets traded in deep red. The Japanese, Hong Kong, Chinese, and Korean indices traded with losses up to 1.8%.

Hawkish Federal Reserve commentary and tariff concerns largely led to the deep cuts. Recently, Trump announced his plans to impose 25% tariffs on automobiles, pharmaceuticals, and semiconductors.

On Wednesday, foreign investors sold Indian equities worth ₹1,881 crore, and DIIs bought equities worth ₹1,957 crore. In the derivatives market, the FIIs reduced their short positions from 1.87 lakh contracts to 1.85 lakh contracts on Wednesday.

During the opening trade, shares of the company was trading at ₹2,728.70, falling 1.04%.

The companies also plan to jointly come up with advanced AI-enabled Counter Unmanned Aerial System (CUAS) technologies and innovative Command and Control (C2) software.

According to the bulk deal data available on the National Stock Exchange (NSE), US-based Goldman Sachs, through its arm Goldman Sachs (Singapore), purchased 7.28 lakh shares of BSE Ltd.