Sensex Drops Over 450 Points On Tariff Uncertainty; Nifty Ends At 25,517
(RTTNews) - Indian shares fell notably on Monday after U.S. President Donald Trump said he won't extend the self-imposed July 9 deadline for countries to reach new trade agreements, raising tariff concerns for India amid stalled agricultural negotiations.
The deadline marks the end of Trump's 90-day suspension of the "Liberation Day" country-specific tariffs. There might be renewed tariff pressures if no agreement is reached by then.
According to media reports, the U.S. has been pushing hard for market access in agriculture and other sectors.
The United States is also pressing India for large-scale commercial purchases, including oil, liquefied natural gas (LNG), aircrafts and nuclear reactors.
The benchmark S&P/BSE Sensex ended the session down 452.44 points, or 0.54 percent, at 83,606.46 after rallying around 2 percent last week, buoyed by receding tensions in the Middle East and a sharp correction in global crude oil prices.
The broader NSE Nifty index dropped 120.75 points, or 0.47 percent, to 25,517.05, snapping its four-day winning streak.
The BSE mid-cap and small-cap indexes rose 0.7 percent and 0.8 percent, respectively - outperforming their larger peers.
The market breadth was strong on the BSE, with 2,374 shares surging while 1,744 shares declined and 172 shares closed unchanged.
Among the prominent decliners, HDFC Bank, Bharti Airtel, Tata Steel, Reliance Industries, ICICI Bank, Bajaj Finance, UltraTech Cement, Maruti Suzuki India, Kotak Mahindra Bank and Axis Bank fell 1-2 percent.
Trent, Tata Group's retail arm, rallied 3.3 percent, while BEL and SBI both rose around 2 percent.
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