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Sensex Falls 585 Points On Tariff Concerns; Nifty Ends Below 24,600
(RTTNews) - Indian shares fell notably on Friday to extend losses from the previous session, with tariff worries and continued foreign portfolio outflows keeping investors on edge.
A stronger dollar weighed on markets as the U.S. slapped dozens of trading partners with steep tariffs, ranging from 10 percent to 41 percent.
India, Brazil and Canada faced steep tariffs as President Donald Trump pushes to rebalance deficits and protect American manufacturing, citing national security.
A 25 percent duty was imposed on Indian goods along with a penalty for Russian imports that could dent India's economic growth by 30 bps in FY26.
But the higher duty may not significantly hit the country's economy driven by domestic demand, Barclays has said.
The benchmark BSE Sensex fell 585.67 points, or 0.72 percent, to 80,599.91 while the broader NSE Nifty index closed at 24,565.35, down 203 points, or, 0.82 percent, from its previous close.
The BSE mid-cap and small-cap indexes tumbled 1.4 percent and 1.6 percent, respectively.
The market breadth was weak on the BSE, with 2,703 shares falling while 1,313 shares advanced and 153 shares closed unchanged.
Textile and pharma stocks succumbed to heavy selling pressure after Trump cut his tariffs on Bangladesh and Pakistan, and asked 17 major global pharmaceutical companies to lower drug prices in the U.S.
Sun Pharma slumped 4.4 percent, Dr Reddy's Laboratories plunged 4 percent, V2 Retail gave up 5 percent and Pearl Global 6.4 percent.
Tech Mahindra, Bharti Airtel, Adani Ports, Infosys, Tata Motors, Maruti Suzuki India and Tata Steel lost 2-3 percent.
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