Sensex Drops 548 Points On Tariff Worries; Nifty Dips Below 23,400
(RTTNews) - Indian shares fell notably on Monday and the rupee hit a record low of 87.95 per U.S. dollar as investors watched the latest developments on the tariff front.
U.S. President Donald Trump has announced new 25 percent tariffs on all steel and aluminum imports, raising fears of a brewing global trade war and its potential impact on the global economy.
As China's retaliatory tariffs on U.S. goods take effect today, Trump also stated that he would announce reciprocal tariffs on Tuesday or Wednesday that mirror the tariffs those countries charge on American exports.
"If they are charging us 130 percent and we're charging them nothing, it's not going to stay that way," he told reporters.
The benchmark S&P/BSE Sensex ended the session down 548.39 points, or 0.70 percent, at 77,311.80, after having fallen to a low of 77,106 earlier.
The broader NSE Nifty index hit an intraday low of 23,316.30 before closing down 178.35 points, or 0.76 percent, at 23,381.60.
ONGC, Titan Company, Tata Steel, Power Grid Corp and Trent fell 2-4 percent while Kotak Mahindra Bank surged 1.7 percent. Britannia Industries and Bharati Airtel both rose around 1 percent.
Mahindra & Mahindra lost 2.1 percent and Ola Electric Mobility tumbled 3.5 percent despite Goldman Sachs raising its target prices on these stocks post their Q3 results.
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