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Sensex Falls Over 700 Points; Nifty Ends Below 23,500
(RTTNews) - Indian shares fell sharply on Wednesday as caution set in ahead of the April 2 U.S. tariff deadline.
Rising oil prices amid near-term supply tightness also prompted investors to book profits at higher levels after recent string of gains, fueled by foreign capital inflows and optimism about improving domestic macroeconomic conditions.
There's an elevated baseline anxiety in the markets despite U.S. President Donald Trump hinting at tariff flexibility for some countries.
It is feared that potential U.S. tariff policies could fuel inflation and further strain global trade. Also, deteriorating U.S. consumer confidence in the face of tariff fears pointed to a stagflationary scenario, where economic growth slows while inflation remains elevated.
The benchmark S&P/BSE Sensex fell 728.69 points, or 0.93 percent, to 77,288.50, snapping a seven-session winning streak.
The broader NSE Nifty index ended down 181.80 points, or 0.77 percent, at 23,486.85 ahead of the impending expiry of monthly derivatives contracts.
The BSE mid-cap and small-cap indexes ended down 0.7 percent and 1.5 percent, respectively.
The market breadth was negative on the BSE, with 3,114 shares declining while 922 shares advanced and 107 shares ended unchanged.
Among the prominent losers, Axis Bank, Infosys, Bajaj Finance, Tech Mahindra, Zomato and NTPC shed 2-3 percent.
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