Bloodbath on D-Street As Trump Threats Grow
Indian bourses tank nearly 2% amid global rout; new US tariffs rattle investors
Bloodbath on D-Street As Trump Threats Grow
The decline was largely triggered by fear of the implementation of 25% tariff on US imports from Canada and Mexico, set to take effect next week, along with an additional 10% tariff on Chinese goods - Vinod Nair, Head-Research, Geojit Financial Services
Mumbai: Benchmark indices Sensex and Nifty tumbled nearly 2 per cent on Friday, mirroring deep losses in global markets as the latest announcement of additional 10 per cent tariff on Chinese products rattled investors.
The 30-share BSE benchmark Sensex tanked 1,414.33 points or 1.90 per cent to settle at 73,198.10. During the day, it plunged 1,471.16 points or 1.97 per cent to 73,141.27. Extending losses to the eighth straight day, the NSE Nifty slumped 420.35 points or 1.86 per cent to 22,124.70.
From its record peak of 85,978.25 hit on September 27 last year, the BSE benchmark index is down 12,780.15 points or 14.86 per cent. The Nifty dropped 4,152.65 points or 15.80 per cent from its lifetime high of 26,277.35 hit on September 27, 2024. Relentless foreign fund outflows and concerns about the US economic outlook made investors jittery, according to analysts.
From the Sensex pack, Tech Mahindra slumped over 6 per cent followed by IndusInd Bank which tanked over 5 per cent. Mahindra & Mahindra, Bharti Airtel, Infosys, Tata Motors, Titan, Tata Consultancy Services, Nestle and Maruti were also among the major laggards. HDFC Bank emerged as the only gainer from the pack.
Vinod Nair, Head of Research, Geojit Financial Services, said: “The national market experienced a sharp decline amid heightened bearish sentiment largely influenced by weak global cues. The decline was largely triggered by fear of the implementation of 25 per cent tariff on US imports from Canada and Mexico, set to take effect next week, along with an additional 10 per cent tariff on Chinese goods.” Adding to market jitters, the potential imposition of tariffs on the European Union has further fuelled uncertainty, he said.
The BSE smallcap gauge dropped 2.33 per cent and midcap index tanked 2.16 per cent. All BSE sectoral indices ended lower.
