MUMBAI: The benchmark Sensex slumped 1,235 points to close at a seven-month low due to a broad-based selloff sparked by global trade war concerns after US President Donald Trump announced tariffs on neighboring countries on his inauguration day.
The 30-share BSE Sensex plunged 1,235.08 points or 1.60 per cent to settle at 75,838.36, dragged down by ICICI Bank and Reliance Industries. Intraday, the index plummeted 1,431.57 points or 1.85 per cent to touch a low of 75,641.87.
The NSE Nifty dropped 320.10 points or 1.37 per cent to close at 23,024.65. During the session, it fell as much as 367.9 points or 1.57 per cent to hit an intraday low of 22,976.85.
“Domestic markets faced a sharp decline today with heightened volatility, driven by Trump’s announcement of trade tariffs on neighboring countries, creating uncertainty in global markets. Weak recovery in Q3 earnings and a depreciating rupee are likely to fuel further foreign outflows,” said Vinod Nair, Head of Research, Geojit Financial Services.
Among Sensex stocks, Zomato, NTPC, Adani Ports, ICICI Bank, State Bank of India, Reliance Industries, Mahindra & Mahindra, Bajaj Finance, Tech Mahindra, and Axis Bank were the biggest losers. UltraTech Cement and HCL Technologies were the only gainers.
European markets
European markets traded higher on Tuesday. In Asia, Tokyo and Hong Kong closed with gains, while Shanghai and Seoul ended flat. US markets were closed on Monday for Martin Luther King Jr Day.
Global oil benchmark Brent crude fell 0.76 per cent to $79.54 per barrel.
Foreign Institutional Investors (FIIs) sold equities worth Rs4,336.54 crore on Monday, as per exchange data.
On Monday, the Sensex had climbed 454.11 points to settle at 77,073.44, while the Nifty rose 141.55 points to close at 23,344.75.
