Sensex Drops 572 Points On Trade Worries; Nifty Closes At 24,680
(RTTNews) - Indian shares fell notably on Monday as caution prevailed ahead of the U.S. tariff deadline set to take effect later this week.
There's considerable uncertainty over whether India will face higher tariffs from August or if U.S. President Donald Trump will extend the deadline once more.
Market watchers firmly believe that a mini or an interim trade deal between the United States and India is unlikely in the next few days.
Relentless foreign capital outflows, weak earnings from Kotak Mahindra Bank and TCS' layoff announcement also weighed on markets, and overshadowed investor optimism over the U.S.-EU trade deal.
The benchmark BSE Sensex tumbled 572.07 points, or 0.70 percent, to 80,891.02, with selling seen across sectors.
The broader NSE Nifty index dropped 156.10 points, or 0.63 percent, to 24,680.90 while the BSE mid-cap and small-cap indexes lost 0.7 percent and 1.3 percent, respectively.
The market breadth was weak on the BSE, with 2,874 shares declining while 1,264 shares rose and 161 shares closed unchanged.
Among the prominent decliners, TCS, Titan Company, Bharti Airtel and Bajaj Finance shed 2-4 percent.
Private sector lender Kotak Mahindra Bank plummeted 7.5 percent after reporting a 7 percent fall in the June quarter net profit.
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