Sensex, Nifty Decline On Trade War Fears
(RTTNews) - Indian shares opened on a sluggish note Monday amid fresh tariff and inflation jitters after a measure of U.S. inflation expectations surged and President Donald Trump said he will announce 25 percent tariffs on all imports of steel and aluminum.
Trump also announced plans for reciprocal tariffs to match those imposed on the U.S. by its trading partners, raising fears of a brewing global trade war.
The benchmark S&P/BSE Sensex was down 390 points, or half a percent, at 77,470 in early trade while the broader NSE Nifty index slid 130 points, or 0.6 percent, to 23,428.
Dr Reddy's Laboratories, JSW Steel, Power Grid Corp, Cipla and Tata Steel fell 2-3 percent in the Nifty pack while Bharti Airtel rose about 1 percent and Britannia Industries added 2 percent.
Oil India tumbled 3 percent after Q3 net profit fell over 23 percent.
BHEL advanced 1.5 percent on securing a contract of Rs 8,000 crore from Maharashtra State Electricity Production Company.
Eicher motors rose half a percent and Nykaa edged up slightly ahead of their earnings results due today.
Mahindra & Mahindra was little changed after Q3 profit surged 21 percent year-on-year.
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