Stock market benchmark indices slumped on Thursday, with the Sensex plunging 706 points after US President Donald Trump’s decision to impose an additional 25% tariff on India over its purchases of Russian oil came into effect.
Investor sentiment was further dampened by continued foreign fund outflows.
Among midcap stocks, FirstCry (-5.21%), Phoenix Limited (-3.53%), SJVN (-3.12%), and Bharti Hexacom (-2.90%) ended lower. In the smallcap segment, Rally’s (-6.81%), Kalamandir (-6.30%), and Olectra (-5.80%) also closed with sharp losses.
Stock Market Fall
The additional 25 per cent tariff imposed by the US on India came into effect on Wednesday, bringing the total amount of levies imposed on New Delhi to 50 per cent.
The 30-share BSE Sensex tanked 705.97 points or 0.87 per cent to settle at 80,080.57. During the day, it dropped 773.52 points or 0.95 per cent to 80,013.02.
The 50-share NSE Nifty dived 211.15 points or 0.85 per cent to 24,500.90. From the Sensex firms, HCL Tech, Infosys, Power Grid, Tata Consultancy Services, HDFC Bank, Hindustan Unilever, Bharti Airtel and ICICI Bank were among the major laggards.
Global Market Fall
The government on Thursday extended duty-free import of cotton by three more months till December 31 to support textile exporters facing steep 50 per cent tariffs in the US.
In Asian markets, South Korea’s Kospi, Japan’s Nikkei 225 index and Shanghai’s SSE Composite index settled in positive territory while Hong Kong’s Hang Seng ended lower.
European markets were trading on a mixed note.The US markets ended in positive territory on Wednesday. Global oil benchmark Brent crude dipped 0.62 per cent to USD 67.63 a barrel.
Foreign Institutional Investors (FIIs) offloaded equities worth Rs 6,516.49 crore on Tuesday, according to exchange data. DIIs, however, bought stocks worth Rs 7,060.37 crore.
Stocks Gained Despite Market Fall
Even as the broader market declined, several stocks closed in the green. VTL surged 12.96%, Sangam India gained 7.39%, and NALCO advanced 5%. In the midcap category, Olectra recovered to end 5.80% higher, while Kalyan Jewellers rose 2.36% and Endurance Technologies added 2.11%. Among largecaps, Titan, Maruti, and Reliance Industries closed with gains.
However, Titan, Larsen & Toubro, Maruti and Axis Bank were among the gainers.