Sensex, Nifty Tumble; IT Stocks Hit Hard On Tariff Concerns
(RTTNews) - Indian shares tumbled on Monday, with export-oriented IT stocks coming under heavy selling pressure as weak U.S. economic data rekindled growth worries and U.S. President Donald Trump reiterated that his administration would impose reciprocal tariffs "soon" on countries like India and China.
Investor sentiment was further dented after researchers in China said they discovered a new coronavirus in bats that enters cells using the same gateway as the virus that causes Covid-19.
The 30-share BSE Sensex plunged 856.65 points, or 1.14 percent, to 74,454.41 while the broader NSE Nifty index closed at 22,553.35, down 242.55 points, or 1.06 percent, from its previous close.
Both the indexes are currently at their eight-month low levels after nearly five months of continuous decline.
The BSE mid-cap and small-cap indexes fell 0.8 percent and 1.3 percent, respectively today amid heightened concerns over Trump's tariff stance, continued foreign fund outflows and corporate earnings slowdown.
The market breadth was negative, with 2,804 shares declining while 1,218 shares advanced and 178 shares ended unchanged.
Infosys, TCS, HCL Technologies and Wipro slumped 3-4 percent in the Nifty pack while telecom major Bharti Airtel ended 2.4 percent lower.
On the positive side, Hero MotoCorp, Eicher Motors, Dr Reddy's Laboratories and Mahindra & Mahindra rose between 0.8 percent and 1.5 percent.
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