Sensex, Nifty Snap Six-day Winning Streak On Tariff Concerns
(RTTNews) - Indian shares fell sharply on Friday after a Trump administration official called India the 'Maharaja' of tariffs and ramped up his criticism over the trade ahead of an expected tariff increase on August 27.
White House Trade Adviser Peter Navarro accused India of playing a "role in the bloodshed," in Ukraine by importing Russian oil, calling it a "laundromat for the Kremlin."
Traders also pared back wagers on imminent Federal Reserve interest-rate cuts and braced for Fed Chair Jerome Powell's speech at the Jackson Hole symposium.
The benchmark BSE Sensex tumbled 693.86 points, or 0.85 percent, to 81,306.85, snapping a six-day winning streak.
The broader NSE Nifty index fell 213.65 points, or 0.85 percent, to 24,870.10 while the BSE mid-cap and small-cap indexes ended down 0.2 percent and 0.4 percent, respectively.
The market breadth was weak on the BSE, with 2,308 shares falling while 1,777 shares advanced and 155 shares closed unchanged.
Among the prominent decliners, TCS, Adani Ports, Kotak Mahindra Bank, HCL Technologies, ITC, Tata Steel, UltraTech Cement and Asian Paints all fell around 2 percent.
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