Sensex, Nifty Tumble On Weak Global Cues

(RTTNews) - Indian shares were sharply lower on Monday, mirroring weak cues from other Asian markets after reports suggested that the Biden administration plans to raise tariffs on some goods from China.

Devastation in Gaza continued, and a survey showed U.S. short-term inflation expectations picked up in May, further weighing on sentiment.

The benchmark S&P BSE Sensex tumbled 712 points, or 1 percent, to 71,952 in early trade, while the broader NSE Nifty index was down 205 points, or 0.9 percent, at 21,850.

Tata Motors slumped 8 percent despite more than tripling its Q4 net profit.

Union Bank of India plunged 7 percent after reporting 19 percent growth in quarterly profit.

Vedanta fell 2.5 percent as it acquired 46.57 per cent more stake in Japanese display major AvanStrate Inc for $78.3 million.

BPCL, Coal India, Hero MotoCorp and ONGC lost 2-3 percent.

JK Cement added 1.6 percent after Q4 net profit doubled on a yearly basis.

BEML soared almost 5 percent after posting a strong performance in Q4.