MUMBAI: Equity benchmark Sensex fell nearly 1 per cent on Friday to close below the 80,000 mark, as worries over the impact of additional US tariffs and persistent foreign fund outflows rattled investor sentiment.
Deep losses in heavyweights Reliance Industries, HDFC Bank and Bharti Airtel added to the pressure, traders said. The 30-share BSE Sensex dropped 765.47 points, or 0.95 per cent, to settle at 79,857.79. During the day, it slumped 847.42 points, or 1.05 per cent, to 79,775.84.
On the BSE, 2,507 stocks declined, 1,521 advanced and 145 remained unchanged. The NSE Nifty fell 232.85 points, or 0.95 per cent, to 24,363.30.
Marking its sixth straight week of losses, the Sensex shed 742.12 points, or 0.92 per cent, while the Nifty dropped 202.05 points, or 0.82 per cent.
“The Indian equity market ended at a three-month low amid rising concerns over the impact of US tariffs on Indian exports. FIIs remained net sellers, intensifying pressure on domestic indices. Realty and metals bore the biggest brunt,” said Vinod Nair, Head of Research at Geojit Financial Services.
Reliance among heavy losers
Bharti Airtel, Tata Motors, Mahindra & Mahindra, Kotak Mahindra Bank, Axis Bank and Reliance Industries were among the major laggards on the Sensex. NTPC, Titan, Trent, ITC and Bajaj Finserv ended in positive territory.
“Selling intensified as the Sensex closed below the psychological 80k mark. Analysts believe that once the steep tariff penalty from the Trump administration takes effect, India’s growth could be impacted,” said Prashanth Tapse, Senior VP (Research) at Mehta Equities.
The BSE Midcap index fell 1.56 per cent and the Smallcap index lost 1.03 per cent. All sectoral indices ended lower, with realty down 2.09 per cent, telecommunication 1.83 per cent, metal 1.82 per cent, consumer durables 1.68 per cent, capital goods 1.62 per cent and commodities 1.55 per cent.
“Benchmarks gave up the previous session’s gains as renewed tariff concerns and continued foreign fund outflows weighed on sentiment. Mood soured after US President Donald Trump doubled tariffs on Indian goods to 50 per cent and ruled out trade talks until the dispute is resolved,” said Gaurav Garg, Analyst at Lemonn Markets Desk.
FIIs sold equities worth Rs4997.19 crore on Thursday, according to exchange data, while DIIs bought stocks worth Rs10864.04 crore. The initial 25 per cent tariffs on Indian imports announced earlier came into effect Thursday.
In Asian markets, Japan’s Nikkei 225 ended higher, while South Korea’s Kospi, Shanghai’s SSE Composite and Hong Kong’s Hang Seng closed lower. European markets were mostly in green in mid-session deals. US markets ended mixed on Thursday.
Global oil benchmark Brent crude rose 0.59 per cent to $66.82 a barrel. On Thursday, the Sensex had gained 79.27 points, or 0.10 per cent, to close at 80,623.26, while the Nifty added 21.95 points, or 0.09 per cent, to settle at 24,596.15
