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Sensex Drops 542 Points On Trade Deal Uncertainty; Nifty Dips Below 25,100
(RTTNews) - Indian shares fell notably on Thursday as investors fretted over stalled India-U.S. trade deal, slowing earnings growth and recent selling by foreign portfolio investors.
With U.S. President Donald Trump announcing trade deals with several countries, it remains uncertain whether the 26 percent reciprocal tariff announced for India will come into effect from August 1, or will this deadline be extended.
As of now, an India-U.S. trade deal remains elusive due to disagreements on agriculture and diary.
The benchmark BSE Sensex fell 542.47 points, or 0.66 percent, to 82,184.17, dragged down by banking and IT stocks post their Q1 results.
The broader NSE Nifty index closed down 157.80 points, or 0.63 percent, at 25,062.10, with hopes of an India-U.K. free trade agreement (FTA) helping limit overall losses to some extent.
The landmark FTA that was signed today during PM Modi's visit to the U.K. is expected to ease tariffs on key goods and boost bilateral market access.
The BSE mid-cap and small-cap indexes ended down 0.4 percent and half a percent, respectively.
The market breadth was weak on the BSE, with 2,410 shares declining while 1,646 shares advanced and 165 shares closed unchanged.
Among the prominent decliners, TCS, Bajaj Finance, Asian Paints, NTPC, ITC, Kotak Mahindra Bank, Infosys, HCL Technologies, Reliance Industries, Bajaj FinServ, Tech Mahindra and Trent lost 1-4 percent.
Among those that gained, Eternal rallied 3.4 percent and Tata Motors added 1.5 percent.
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