Trump's Tariffs Spark Market Panic: Stocks Plummet in Red

Mumbai (The Uttam Hindu): Indian stock market closed in red on Tuesday's trading session. There was selling all around in the market. At the end of the day, Sensex was down 849.37 points or 1.04 percent at 80,786.54 and Nifty was down 255.70 points or 1.02 percent at 24,712.05.

Along with largecaps, midcaps and smallcaps also witnessed selling. Nifty Midcap 100 index was down 935.30 points or 1.62 percent at 56,766.20 and Nifty Smallcap 100 index was down 362.95 points or 2.03 percent at 17,548.60. On a sectoral basis, auto, IT, PSU banks, financial services, pharma, metal, realty, media, energy, private banks and infra closed in the red. Only the FMCG index closed in the green.

HUL, Maruti Suzuki, ITC, TCS and UltraTech Cement were the top gainers in the Sensex pack. Sun Pharma, Tata Steel, Bajaj Finance, Trent, M&M, Bajaj Finserv, Axis Bank, L&T, Titan, BEL, Tech Mahindra and Power Grid were the top losers. The broader market trend was also negative. 728 stocks were in the green, 2,280 in the red and 78 stocks were trading unchanged.

Vinod Nair, Head of Research, Geojit Investments Ltd, said, "The domestic market is cautious as the US tariff deadline expires tomorrow. The continued depreciation of the rupee is adding pressure and may further impact foreign institutional investment. Investors are closely monitoring the Indian government's efforts to boost economic growth, including proposed GST rate revisions and sector-specific relief measures for industries impacted by higher duties. Broad-based selling was seen across sectors, except FMCG, which has gained on expectations of increased consumption." Additional US tariffs of 25 per cent are coming into effect from August 27, which was announced by US President Donald Trump.