Updates for morning trade
By Bharath Rajeswaran and Vivek Kumar M
Aug 1 (Reuters) - Indian shares declined on Friday after the United States on exports from dozens of trading partners and reiterated a 25% duty on India ahead of a trade deal deadline.
The Nifty 50 fell 0.33% to 24,685.15 points and the BSE Sensex lost 0.28% to 80,970.31 as of 10:02 a.m. IST.
Fourteen of the 16 major sectors declined while the broader smallcaps and midcaps fell about 0.75% each.
India's benchmark indexes fell as much as 0.9% on Thursday, but pared some losses at close as investors saw the 25% tariff as a pressure tactic, hoping for lower rates once negotiations conclude.
The trade talks between the two countries are continuing, U.S. President Donald Trump said on Wednesday.
On Thursday, Trump set rates including a 35% duty on many goods from Canada, 50% for Brazil, 20% for Taiwan and 39% for Switzerland, according to a presidential executive order.
"Markets have resumed their downward trajectory, primarily due to U.S. tariffs, persistent foreign outflows and soft earnings," said Nandish Shah, deputy vice president at HDFC Securities.
Among individual stocks, Sun Pharmaceutical Industries lost 4%, making it the worst Nifty 50 loser, after reporting quarterly earnings.
Brokerage Investec downgraded Sun Pharma shares by two notches to "sell", forecasting weaker earnings over the next three quarters. The shares led losses in pharma index , which lost 2.3%.
Consumer goods giant Hindustan Unilever rose 4% after posting higher quarterly profit amid a rural recovery. Goldman Sachs upgraded the stock to "buy" from "neutral", citing potential acceleration in revenue growth.
PNB Housing Finance tumbled 15.4% after the company's managing director and chief executive officer, Girish Kousgi, announced his resignation post-market hours on Thursday.
Analysts called the resignation a setback, noting Kousgi's key role in boosting profitability and asset quality.
($1 = 87.5700 Indian rupees)
(Reporting by Vivek Kumar M and Bharath Rajeswaran; Editing by Ronojoy Mazumdar and Mrigank Dhaniwala)
((VivekKumar.M@thomsonreuters.com [VivekKumar.M@thomsonreuters.com];))
