Mumbai: Benchmark indexes Sensex and Nifty fell nearly 2% on Friday, with huge losses in the global market reflecting romantic investors after the latest announcement of an additional 10% tariff on Chinese products.
The 30-share BSE benchmark Sensex stabilized at 73,198.10 at 1,414.33 points or 1.90%. During the day, it fell 1,471.16 points, or 1.97%, to 73,141.27.
NSE Nifty expanded its losses to the eighth day in a row, down 420.35 points, or 1.86%, to 22,124.70.
From a record peak of 85,978.25 on September 27 last year, the BSE benchmark index fell by 12,780.15 points or 14.86%. Nifty hit 26,277.35 hits down 4,152.65 points or 15.80% on September 27, 2024.
Analysts say the relentless outflow of foreign funds and focus on the U.S. economic outlook has made investors nervous.
From the Sensex Pack, Tech Mahindra fell more than 6%, followed by Indusind Bank, which is more than 5%.
Mahindra & Mahindra, Bharti Airtel, Infosys, Tata Motors, Titan, Tata Consultancy Services, Nestle and Maruti are also major laggards.
HDFC Bank is the only one that appears from the packaging.
Deeply settled in Asian markets, Seoul, Tokyo, Shanghai and Hong Kong. Most of the deals in the European market are lower. The U.S. market saw a sharp decline in its finale on Thursday.
“National markets have dropped sharply in a high degree of bearish sentiment being affected by weak influence. In large part, the decline is due to concerns about a 25% tariff on U.S. imports from Canada and Mexico, which will take effect 25% next week, while a further 10% tariff on Chinese goods,” Vinod Nair, head of Geojit Financial Services,” said Vinod Nair, head of Geojit Financial Services.
He said that coupled with market worries, tariffs on the EU may further exacerbate uncertainty.
“As investors navigate through this volatility, everyone is focusing on domestic QDP data, which can provide important insights into the economic recovery trajectory and impact market directions,” Nair added.
Foreign Institutional Investors (FIIS) unloaded shares worth Rs 55,656 crore on Thursday, according to Exchange Data.
The global oil benchmark Brent crude fell 0.69% to $73.53 a barrel.
BSE Sensex has a marginal yield of 10.31 points and settled 0.01% on Thursday at 74,612.43. Nifty fell 2.50 points or 0.01% to 22,545.05, registering its seventh-day decline.
