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Sensex, Nifty End Off Day's Lows; Financials Outperform
(RTTNews) - Indian shares ended Monday's session lower amid economic uncertainty following U.S. President Donald Trump's announcement of trade tariffs on China, Canada, and Mexico.
Analysts said that Trump's tariff hikes and possible retaliatory measures by the U.S.'s main trading partners may create unnecessary economic disruption, drive inflation higher and keep global interest rates elevated for longer.
Oi prices climbed nearly 2 percent on supply disruption concerns and the Indian rupee weakened past Rs 87 per U.S. dollar for the first time, putting additional pressure on the market.
The benchmark S&P/BSE Sensex hit an intraday low of 76,756 before recovering some ground to end the session down 319.22 points, or 0.41 percent, at 77,186.74.
The broader NSE Nifty index closed down 121.10 points, or 0.52 percent, at 23,361.05, after having hit a low of 23,222 earlier.
The mid-cap and small-cap indexes on the BSE fell 0.9 percent and 1.8 percent, respectively.
The market breadth was negative on the BSE, with 2,873 shares declining while 1,138 shares advanced and 173 shares closed unchanged.
BEL, Coal India, Hero Moto Corp, Tata Consumer Products and Larsen & Toubro slumped 3-5 percent while Bajaj FinServ, Wipro, Mahindra & Mahindra, Shriram Finance and Bajaj Finance rallied 2-5 percent.
Divi's Laboratories surged 5.9 percent after Q3 net profit jumped 64 percent year-on-year.
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