New Delhi: Indian benchmark indices tumbled near their intraday lows on Tuesday as global sentiment weakened ahead of new US tariffs scheduled to take effect from Wednesday. The BSE Sensex fell 672 points (0.82 percent) to 80,964, while the NSE Nifty50 dropped 94 points (0.78 percent) to 24,774, marking a broad-based decline.
Broader market indices mirrored this pressure, with the Nifty MidCap and SmallCap indices down over 1 percent each. Major laggards included Sun Pharma, HDFC Bank, Tata Steel, Bharat Electronics, and ICICI Bank, which slipped between 1 percent and 2 percent. Financial stocks bore the brunt, as the Nifty Bank index fell 0.9 percent and the Nifty PSU Bank index lost 0.6 percent, dragged primarily by HDFC Bank and ICICI Bank, both down 1.2 percent. IT stocks that generate significant revenue from the US also edged lower by 0.2 percent.
Sentiment deteriorated sharply after US President Donald Trump announced an additional 25 percent tariff on Indian goods following India’s purchase of Russian oil, effectively doubling the import duty to 50 percent. The US Department of Homeland Security followed up with a draft notice outlining the tariff’s implementation, and Washington also cancelled a planned trade delegation visit to New Delhi that was originally scheduled for August 25–29.
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