Sensex, Nifty Tumble On US Trade Deal Uncertainty
(RTTNews) - Indian shares fell sharply on Friday, with uncertainty around U.S. trade deal, signs of slowing earnings growth and continued selling by foreign investors weighing on markets.
India and the United States might not be able to reach a deal by 1 August 2025 as talks remain deadlocked over tariff cuts on key agricultural and dairy products.
India is also seeking duty concessions for its labor-intensive goods such as textiles, engineering, leather, gems and jewelry.
Talking on India-U.S. trade deal, Union Minister Piyush Goyal earlier said that the nation's interest is supreme, and it will not sign any deal based on a timeline.
"India never strikes trade deals under deadlines. We accept a deal when it's complete and in national interest."
Investors also weighed the implications of the new India-U.K. Free Trade Agreement, which offers potential gains for both domestic manufacturers and global brands.
The benchmark BSE Sensex tumbled 721.08 points, or 0.88 percent, to 81,463.09, extending losses from the previous session.
The broader NSE Nifty index dropped 225.10 points, or 0.90 percent, to 24,837 while the BSE mid-cap and small-cap indexes lost 1.5 percent and 1.9 percent, respectively. The market breadth was weak on the BSE, with 2,880 shares falling while 1,133 shares rose and 141 shares closed unchanged.
Among the prominent decliners, Bajaj Finance plunged 4.7 percent after JPMorgan downgraded its rating on the stock, following its June quarter results.
Tata Motors, Trent, Bajaj FinServ, Tech Mahindra, Infosys and Power Grid Corp fell 2-3 percent.
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