Sensex, Nifty Fall Over 1% On Trade War Fears; IT Stocks Hit Hard
(RTTNews) - Indian shares were deep in the red on Friday after U.S. President Donald Trump said his proposed 25 percent tariffs on Mexican and Canadian goods will take effect on March 4 along with an extra 10 percent duty on Chinese imports over the fentanyl opioid crisis, deepening the fear of a global trade war.
Trump's tariff plans also sparked concerns about inflation, interest rates and economic growth.
The benchmark S&P/BSE Sensex was down 972 points, or 1.3 percent, at 73,640 in early trade while the broader NSE Nifty index fell 290 points, or 1.28 percent, to 22,255.
Among the prominent decliners, Infosys, Tech Mahindra, Wipro, Mahindra & Mahindra and IndusInd Bank tumbled 3-5 percent.
Tata Power fell more than 1 percent and Rail Vikas Nigam declined 1.7 percent despite winning new orders.
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