Indian benchmark indices opened lower on Tuesday as Dalal Street resumed trading after the Republic Day holiday, brushing aside optimism around the expected announcement of the India–EU free trade agreement. The Sensex slipped over 400 points in early trade, while the Nifty fell close to 100 points, before both indices recovered part of the losses by mid-morning.
Despite the partial rebound, overall market sentiment remained cautious. The early decline came even as reports suggested that India and the European Union have concluded negotiations on a major trade deal that has been in the works for several years and is expected to be announced later in the day.
The main drag on the market was the auto sector. Auto stocks fell sharply after reports indicated that India may reduce import tariffs on European cars to around 40% under the trade agreement. Investors reacted negatively, fearing increased competition for domestic automobile manufacturers. Shares of Mahindra and Mahindra dropped around 4% in early trade, leading losses in the Nifty Auto index, which declined as much as 2%.
Foreign institutional investor (FII) selling continued to weigh on sentiment. Market experts noted that sustained foreign outflows have kept Indian equities under pressure in recent weeks. According to analysts, FIIs have sold shares worth nearly Rs 40,000 crore so far in January, making it a key factor behind the market’s weakness.
Kranthi Bathini, Director of Equity Strategy at WealthMills Securities, said the Nifty level of 25,000 remains a crucial technical support. Holding above this level could lead to a short-term recovery, while a breakdown may trigger further weakness.
Meanwhile, commodity markets outperformed equities. Silver futures surged 6% to hit a record high of Rs 3,54,780 per kg, while gold futures rose over 1.7% to touch an all-time high of Rs 1,59,820 per 10 grams. Strong global demand for safe-haven assets amid ongoing economic uncertainty continued to support precious metal prices.
Despite the positive long-term potential of the India–EU trade deal, near-term concerns around tariff cuts, foreign selling and key technical levels are likely to keep markets volatile through the session.
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