Sensex Tumbles 1,390 Points On Tariff Concerns; Nifty Ends Below 23,200

(RTTNews) - Indian shares ended sharply lower Tuesday, after having opened on a firm note earlier in the day.

Heightened tariff and geopolitical concerns weighed on sentiment as traders returned to their desks after a long holiday weekend.

Markets awaited more details on U.S. President Donald Trump's reciprocal tariff announcements set to be announced on Wednesday, which Trump has dubbed 'Liberation Day.'

Trump is expected to unveil tariffs targeting all nations, not just specific ones as previously planned.

Trump promised he will be 'very kind' to trading partners on April 2 but critics warn that his strategy risks a global trade war, provoking retaliation by major trading partners like China, Canada and the European Union.

Geopolitical tensions also remained on investors' radar as Trump threatened Russia with tariffs and vowed to continue strikes on Yemen's Houthi rebels until they no longer pose a threat to global shipping. He also issued a stern warning to Iran, stating that the "real pain is yet to come."

The benchmark S&P/BSE Sensex plunged 1,390.41 points, or 1.80 percent, to 76,024.51, extending losses for a second straight session.

The broader NSE Nifty index fell 353.65 points, or 1.50 percent, to 23,165.70, pulled lower by tech stocks and banks.

The BSE mid-cap index fell a little over 1 percent, but the small-cap index ended on a flat note. The market breadth was positive on the BSE, with 2,710 shares rising while 1,339 shares declined, and 146 shares ended unchanged.

Selling was broad-based, with Reliance Industries, Sun Pharma, ICICI Bank, Titan Company, Infosys, Bajaj Finance, Bajaj FinServ, HDFC Bank and HCL Technologies falling 2-4 percent.

IndusInd Bank surged 5.1 percent after reports that it is making efforts to boost liquidity amid an ongoing investigation into accounting lapses.