New Delhi: The impact of US President Donald Trump’s reciprocal tariffs dealt massive blow to the Indian Stock market with BSE Sensex crashing 4,000 points while the Nifty came tumbling below 21,800.
The domestic market crash was in tandem with trends seen in major global markets.
In early trade, top laggards were Tata Steel, Tata Motors, HCL Technologies, Tech Mahindra, Infosys, Larsen & Toubro, Tata Consultancy Services and Reliance Industries, dropping over 8 percent.
In Asian markets, Hong Kong’s Hang Seng tanked nearly 11 per cent, Tokyo’s Nikkei 225 plunged nearly 7 per cent, Shanghai SSE Composite index dropped over 6 per cent and South Korea’s Kospi index sank 5 per cent.
In early trading on Monday, the rupee fell 19 paise to 85.63 against the US dollar as the global trade war was sparked by the US reciprocal tax and China’s retaliatory move, which also plunged global financial markets to all-time lows.
Global oil benchmark brent crude dropped 2.73 per cent to USD 63.79 per barrel in futures trade, as blown by twin shocks of Trump’s tariffs and an OPEC+ decision to expand output faster than announced previously.
In the domestic equity market, the 30-share BSE Sensex plummeted 3014.32 points, or 4.00 per cent, to 72,350.37, while the Nifty fell 1,016.75 points, or 4.44 per cent, to 21,887.70 points.
Foreign institutional investors (FIIs) offloaded equities worth Rs 3,483.98 crore on a net basis on Friday, according to exchange data.
