Sensex falls below 73K-mark; Nifty drops 50 points on weak global peers
Trump’s announcement to impose 25% taxes on imports from Mexico and Canada starting Tuesday rattled US stock market, with the S&P 500 index down 2 per cent in trading on Monday
Equity benchmark indices Sensex and Nifty plunged in early trade on Tuesday (February 4), tracking a weak trend in the global markets, incessant foreign fund outflows and concerns over US tariffs.
The 30-share BSE Sensex slumped 177.39 points or 0.24 per cent to 72,908.55 in early trade. The NSE Nifty dropped 59 points or 0.27 per cent to 22,060.30. In the intraday session, it declined 144.85 points or 0.65 per cent to 21,974.45.
Who are the laggards?
From the Sensex pack, Nestle India, HCL Technologies, Tech Mahindra, Bharti Airtel, Titan, Infosys, Asian Paints, NTPC, Bajaj Finserv and Sun Pharmaceuticals were among the laggards.
State Bank of India, IndusInd Bank, Zomato, Power Grid, ICICI Bank, Tata Motors, Mahindra & Mahindra, Tata Consultancy Services and Adani Ports were the gainers.
In Asian markets, Tokyo and Hong Kong were trading lower, while Shanghai and Seoul were quoting flat.
Also read: Trump says 25% tariffs on Mexican, Canadian imports will start today
US markets
US markets ended lower in overnight deals on Monday.
Global oil benchmark Brent crude slipped 0.63 per cent to USD 71.17 a barrel.
Foreign Institutional Investors (FIIs) offloaded equities worth Rs 4,788.29 crore on Monday, according to exchange data.
On Monday, the 30-share BSE benchmark declined by 112.16 points to close at 73,085.94. Extending losses to the ninth session, the NSE Nifty slipped 5.40 points to settle at 22,119.30.
Trump’s announcement
Trump’s announcement to impose 25 per cent taxes on imports from Mexico and Canada starting Tuesday quickly rattled the US stock market, with the S&P 500 index down 2 per cent in afternoon trading.
Also read: India can use US tariff threat to negotiate mutual cuts: Panagariya
It's a sign of the political and economic risks that Trump feels compelled to take, given the possibility of higher inflation and the possible demise of a decades-long trade partnership with Mexico and Canada.
(With inputs from agencies)
