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Sensex, Nifty Follow Global Peers Lower
(RTTNews) - Indian shares followed global peers lower on Wednesday as higher U.S. tariffs on 60 countries which President Donald Trump deems the "worst offenders" have come into effect.
The latest set of U.S. tariffs, including a massive 104 percent levy on Chinese imports, left investors worried about the impact on inflation, interest rates and global growth.
"Trade wars are extremely negative. Nobody wins with a trade war. Everybody tends to lose", UN Secretary-General Antonio Guterres said.
The benchmark S&P/BSE Sensex fell 379.93 points, or 0.51 percent, to 73,847.15, with losses capped by tumbling oil prices, RBI's repo rate cut and growing speculation that the U.S. Federal Reserve will speed up rate cuts.
Earlier today, the Reserve Bank of India reduced its key policy rates for the second straight meeting and also changed its monetary policy stance to accommodative.
The broader NSE Nifty index dropped 136.70 points, or 0.61 percent, to 22,399.15 while the BSE mid-cap and small-cap indexes ended down 0.7 percent and 1.1 percent, respectively.
The market breadth was negative on the BSE, with 2,338 shares declining while 1,545 shares advanced and 147 shares ended unchanged.
Sun Pharma, Tata Steel, Larsen & Toubro, Tech Mahindra and SBI fell 2-3 percent while FMCG stocks like Nestle India and Hindustan Unilever both rose around 3 percent on defensive buying.
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