 "Sensex sheds 800 points to slip under 80,000, Nifty at 3-month low: Trump tariff impact?")
The market benchmark indexes Sensex and Nifty lost up their previous session gains to close 1 percent down on Friday, weighed down by tariff fears and ongoing foreign investment outflows.
The 30-share BSE Sensex tanked 765.47 points or 0.95 per cent to settle at 79,857.79. During the day, it tumbled 847.42 points or 1.05 per cent to 79,775.84.
The 50-share NSE Nifty dropped 232.85 points or 0.95 per cent to 24,363.30.
From the Sensex firms, Bharti Airtel, Tata Motors, Mahindra & Mahindra, Kotak Mahindra Bank, Axis Bank and Reliance Industries were among the laggards.
However, NTPC, Titan, Trent, ITC and Bajaj Finserv were the gainers.
The United States’ decision to hike tariffs on Indian exports has created uncertainty in trade discussions, dragging on investor mood. According to ANI, US President Donald Trump has stated that there would be no trade discussions with India until the tariff conflict is settled. His government has levied an extra 25% duty on Indian imports, bringing the total to 50%, citing India’s continuous oil purchases from Russia.
Foreign institutional investors sold stocks worth Rs 4,997.19 crore on Thursday.
“The market continues to be technically and fundamentally weak. The sustained selling by FIIs, along with high valuations, is weighing on the market. Strong domestic institutional buying is providing some support,” said VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services.
Asian markets fell, with South Korea’s Kospi and Hong Kong’s Hang Seng in the red. The US markets closed mixed overnight.
The rupee decreased 5 paise to 87.63 per US dollar. Traders said continuing foreign cash outflows and a strong dollar weighed on the local currency, even as the Reserve Bank of India intervened to minimise losses.
Impact Shorts
More ShortsThe India VIX, a measure of market volatility, surged more than 1% to 11.84, indicating an increase in investor nervousness.
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