Sensex, Nifty End Modestly Lower After Trump's Tariff Threat
(RTTNews) - Indian shares ended Tuesday's session lower after U.S. President Donald Trump threatened to "substantially" raise tariffs on goods imported from India, accusing that the country profited from Russia's war in Ukraine by purchasing large quantities of Russian oil and reselling it on the global market.
The External Affairs Ministry pointed out the EU and the U.S.' trade relationship with Moscow and said that the country was being unfairly targeted over its purchases of Russian oil.
There is a growing sense in India that the government would not allow American policymaking to shape its choices on vital energy supplies.
Amid U.S. tariff pressure, External Affairs Minister S Jaishankar advocated for a fair and multipolar global order, emphasizing the need for a representative system not dominated by a select few.
Also, media reports suggested that India is preparing a big Rs 20,000 crore plan to protect exporters.
The new comprehensive strategy is expected to be ready in the coming months to shield exporters from the current environment.
The benchmark BSE Sensex ended the session down 308.47 points, or 0.38 percent, at 80,710.25, after hitting a low of 80,554 earlier.
The broader NSE Nifty index hit a low of 24,590 before recouping some of its loss to close at 24,649.55, down 73.20 points, or 0.30 percent, from its previous close.
The BSE mid-cap and small-cap indexes dipped 0.1 percent and 0.3 percent, respectively.
The market breadth was weak on the BSE, with 2,294 shares declining while 1,752 shares rose and 151 shares closed unchanged.
Among the prominent decliners, Eternal, ICICI Bank, Infosys, Reliance Industries and Adani Ports fell 1-2 percent.
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