Benchmark indices opened marginally lower on Friday morning as uncertainty surrounding US trade policies and weak global cues dampened investor sentiment. The Sensex opened at 74,347.14, slightly higher than its previous close of 74,340.09, but slipped to 74,099.90, down by 240.19 points or 0.32 per cent. Meanwhile, the Nifty opened at 74,347.14, in line with its previous close, and is currently at 22,491.90, down by 52.80 points or 0.23 per cent.

The market weakness comes after US equity markets closed lower on Thursday, with technology stocks leading the decline. The Nasdaq Composite fell 2.61 per cent, entering correction territory after dropping more than 10 per cent since its December peak. The S&P 500 lost 1.78 per cent, while the Dow Jones Industrial Average fell 0.99 per cent.

“Trump dilly dallying on tariffs with the latest decision to postpone imposition of tariffs on Canada and Mexico to April 2nd is being viewed by markets seriously. Markets feel that Trump is keen to negotiate deals rather than stick to high tariffs for the long term,” said Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.

President Donald Trump suspended the 25 per cent tariffs he had imposed on most goods from Canada and Mexico, with the exemptions set to expire on April 2. This latest twist in fluctuating trade policy has whipsawed financial markets and fuelled worries over inflation and economic slowdown.

• Also read: Rupee falls 6 paise to 87.18 against US dollar in early trade

Asian markets followed US equities lower, with benchmarks in Australia, Japan, and South Korea all declining more than 1 per cent. Bitcoin also fell as details of a US strategic reserve underwhelmed investors.

Oil prices remained under pressure, with Brent crude trading at $69.55 per barrel, a three-year low. The sustained decline in oil prices is expected to benefit oil marketing companies, energy firms, paint manufacturers, and tyre stocks, according to market analysts.

In the Indian market, Bharat Electronics Limited (BEL) led the gainers on NSE, rising 2.25 per cent to ₹279.08. Other top performers included HDFC Life (up 2.04 per cent), Bajaj Auto (up 1.72 per cent), Hero MotoCorp (up 1.71 per cent), and Tata Motors (up 1.33 per cent).

On the flip side, IndusInd Bank was the top loser, declining 1.19 per cent to ₹960.10, followed by BPCL (down 1.07 per cent), NTPC (down 1.07 per cent), Shriram Finance (down 1.01 per cent), and HCL Technologies (down 0.91 per cent).

“The benchmark index commenced the trading day on a positive note, opening with an upward gap of 141 points; however, it faced challenges in sustaining this initial momentum, encountering immediate resistance at the 22490 level,” noted Ameya Ranadive, Senior Technical Analyst at StoxBox.

The Reserve Bank of India (RBI) has announced a ₹1 lakh crore liquidity infusion into the banking system, which may positively impact PSU banks. Additionally, metal stocks may maintain upward momentum, supported by expectations of further stimulus from China.

Analysts remain cautious but see potential for a rebound. “Nifty has closed above its 10-day exponential moving average (EMA) of 22,472, signalling a bullish short-term trend. The next resistance zone is expected between 22720-22725,” said Devarsh Vakil, Head of Prime Research at HDFC Securities.

The European Central Bank (ECB) reduced its key interest rates by 25 basis points to 2.50 per cent, signalling further cuts to support the Eurozone economy. Meanwhile, the US Dollar Index has fallen to a 4-month low at 104, which could support emerging markets including India.

“Given the ongoing volatility, traders are advised to exercise caution, implement strict stop-loss strategies, and avoid carrying overnight positions,” warned Hardik Matalia, Derivative Analyst at Choice Broking.

Foreign Institutional Investors (FIIs) extended their selling on March 6, offloading equities worth ₹2,377 crore, while Domestic Institutional Investors (DIIs) bought equities worth ₹1,617 crore on the same day.