Sensex Tumbles 930 Points Amid Global Selloff; Nifty Nears 22,900
(RTTNews) - Indian shares fell sharply on Friday as U.S. President Donald Trump's broad tariff announcements stoked fears about the outlook for inflation and global growth.
According to UBS, the latest tariff measures unveiled by Trump may knock down U.S. economic growth by 2 percentage points this year and raise inflation close to 5 percent.
PMorgan has raised the probability of a global recession this year to 60 percent, from a previous 40 percent.
In the face of sweeping tariffs on imports to the U.S. it is feared that domestic sectors and companies with a meaningful portion of their revenues from the U.S. market will be hit hard.
Adding to investor anxiety, Trump said tariffs on pharmaceutical and semiconductor imports will be announced soon.
The benchmark S&P/BSE Sensex tumbled 930.67 points, or 1.22 percent, to 75,364.69 after the U.S. stock market suffered its sharpest single day drop in five years on Thursday, following Trump's announcement of tariffs.
The broader NSE Nifty index closed down 345.65 points, or 1.49 percent, at 22,904.45, with selling seen across the board.
The BSE mid-cap and small-cap indexes lost 3.1 percent and 3.4 percent, respectively.
The market breadth was negative on the BSE, with 2,805 shares declining while 1,136 shares advanced and 135 shares closed unchanged.
Commodity-related stocks were among the worst hit, with Tata Steel plunging 8.6 percent.
IT stocks faced selling pressure, with Infosys, TCS, HCL Technologies and Tech Mahindra all falling around 3 percent.
Among other prominent decliners, Sun Pharma, Reliance Industries, IndusInd Bank, Adani Ports, L&T and Tata Motors slumped 3-6 percent.
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