Tariff heat melts markets

"SELLING PRESSURE IN heavyweights kept overall sentiment cautious despite pockets of resilience. The steep 25% US tariffs will hit India's textiles & apparel, gems & jewellery, marine (shrimp), leather and footwear sectors the hardest, given their heavy reliance on the US market," said Siddhartha Khemka, head of research - wealth management, Motilal Oswal Financial Services.

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On the policy front, the government extended the import duty exemption on cotton until December, offering some relief to the garment industry impacted by higher US tariffs. Supportive measures around GST reforms, import duty relaxations, and the broader Swadeshi push are expected to provide resilience to domestic markets amid global trade headwinds, Khemka added.

The overall market breadth remained weak, with 2,651 losers against 1,456 gainers on the BSE.