Sensex, Nifty Tumble On Tariff Worries
(RTTNews) - Indian shares tumbled on Tuesday after the Trump administration officially issued a notice regarding the imposition of an additional 25 percent tariffs on Indian imports, with the punitive duties set to kick in at 12:01 am (EST) on August 27.
With DHS' confirmation, India has become among the highest-tariffed countries in the world along with Brazil, facing 50 percent export duties on all its goods.
"No matter how much pressure comes, we will keep increasing our strength to withstand it," Prime Minister Modi said at a public rally in Ahmedabad's Nikol area and stressed that his government will never let harm come to small entrepreneurs, farmers, and livestock rearers.
Fed independence worries, U.S. President Donald Trump's tariff threats against China, caution ahead of Nvidia results and a looming key U.S. inflation report also kept investors on edge ahead of a holiday for markets on Wednesday, August 27, for Ganesh Chaturthi.
The benchmark BSE Sensex fell 849.37 points, or 1.04 percent, to 80,786.54 while the broader NSE Nifty index ended down 255.70 points, or 1.02 percent, at 24,712.05.
The BSE mid-cap and small-cap indexes slumped 1.3 percent and 1.7 percent, respectively.
The market breadth was weak on the BSE, with 2,895 shares losing ground while 1,216 shares advanced and 130 shares closed unchanged.
Selling was seen across the board, with Tech Mahindra, BEL, Titan Company, Adani Ports, Larsen & Toubro, Axis Bank, Reliance Industries, Bajaj FinServ, Mahindra & Mahindra, Trent, Bajaj Finance, Tata Steel and Sun Pharma falling 2-3 percent.
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