Markets extend losses on global sell-off amid U.S. tariff concerns; Sensex tanks 586 points
Besides, persistent selling by foreign investors added to the gloom, according to experts. In a volatile trade, the 30-share BSE Sensex tumbled 585.67 points or 0.72% to settle at 80,599.91. During the day, it dropped 690.01 points or 0.84% to 80,495.57.
The 50-share NSE Nifty declined 203 points or 0.82% to 24,565.35.
U.S. President Donald Trump unveiled sweeping new tariffs on dozens of countries, including 25% duties for goods from India, marking a new era of American protectionism that triggered fresh tensions and concerns over a much wider disruption in the global trade landscape.
From the Sensex firms, Sun Pharma tumbled 4.43% after the company reported a 20% year-on-year decline in consolidated net profit to ₹2,279 crore for the first quarter ended June 30, 2025.
Tata Steel, Maruti, Tata Motors, Infosys, Bharti Airtel and Tech Mahindra were also among the laggards.
However, Trent, Asian Paints, Hindustan Unilever, ITC, Kotak Mahindra Bank, and Reliance Industries were the gainers.
The U.S. President signed an executive order on Thursday that raised tariffs for over five dozen countries, with Washington's negotiations for trade deals going down to the wire ahead of the August 1 deadline.
In the Executive Order titled 'Further Modifying The Reciprocal Tariff Rates', Mr. Trump announced tariff rates for nearly 70 nations.
A 25% "Reciprocal Tariff, Adjusted" has been imposed on India, according to the list released. The order, however, does not mention the "penalty" that Mr. Trump had said India would have to pay because it purchases Russian military equipment and energy. While August 1 was the tariff deadline, the new levies will come into effect from August 7.
Foreign Institutional Investors (FIIs) offloaded equities worth ₹5,588.91 crore on Thursday, according to exchange data.
In Asian markets, South Korea's Kospi, Japan's Nikkei 225 index, Shanghai's SSE Composite index and Hong Kong's Hang Seng settled lower.
Equity markets in Europe were trading in the red. The U.S. markets ended in negative territory on Thursday.
Global oil benchmark Brent crude declined 0.39% to $71.42 a barrel.
On Thursday, the Sensex declined 296.28 points or 0.36% to settle at 81,185.58. The Nifty dropped 86.70 points or 0.35% to 24,768.35.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
&w=3840&q=100)
Business Standard
30 minutes ago
- Business Standard
Opec+ countries to boost oil production by 547,000 barrels per day
A group of countries that are part of the Opec+ alliance of oil-exporting countries has agreed to boost oil production, a move some believe could lower oil and gasoline prices, citing a steady global economic outlook and low oil inventories. The group met virtually on Sunday and announced that eight of its member countries would increase oil production by 547,000 barrels per day in September. The countries boosting output, including Saudi Arabia, Russia, Iraq, United Arab Emirates, Kuwait, Kazakhstan, Algeria and Oman, had been participating in voluntary production cuts, initially made in November 2023, which were scheduled to be phased out by September 2026. The announcement means the voluntary production cuts will end ahead of schedule. The move follows an Opec+ decision in July to boost production by 548,000 barrels per day in August. Opec said the production adjustments may be paused or reversed as market conditions evolve. When production increases, oil and gasoline prices may fall. But Brent crude oil, which is considered a global benchmark, has been trading near $70 per barrel, which could be due to a potential loss of Russian oil on the market and a large rise in crude inventories in China, according to research firm Clearview Energy Partners. President Trump has not obviously relented from his threat to sanction Russian energy if the Kremlin does not reach a peace deal with Ukraine as of August 7, potentially via secondary tariffs on buyers, Clearview Energy Partners said in an analyst note Sunday. The eight countries will meet again on September 7, Opec said in a news release.
Time of India
an hour ago
- Time of India
'Two strong economies': Canada's trade minister pledges to continue trade talks with US; urges dialogue despite Trump's new tariffs
Canada's trade minister Dominic LeBlanc Canada's trade minister Dominic LeBlanc said on Sunday that his country is prepared to continue working toward a new trade agreement with the US, despite leaving Washington without a deal and facing increased tariffs from the Trump administration. 'We're prepared to stick around and do the work needed,' LeBlanc said in an interview on Face the Nation with Margaret Brennan. 'We believe there's a great deal of common ground between the United States and Canada in terms of building two strong economies that work well together,' he said as quoted by CBS News. The White House announced last week that tariffs on Canadian goods not covered under the Canada-United States-Mexico Agreement (CUSMA) would rise from 25% to 35%. The move was justified by concerns over immigration and fentanyl, with the administration claiming Canada has not done enough to address those issues. LeBlanc described the decision as 'disappointing' but emphasised that talks would continue. He said discussions with US trade representative Jamieson Greer and commerce secretary Howard Lutnick had been 'constructive, cordial conversations.' 'We're encouraged by the conversations with Secretary Lutnick and Ambassador Greer,' he said. 'But we're not yet where we need to go to get the deal that's in the best interest of the two economies.' The tariff hikes are part of a broader trade crackdown announced by Trump last week, targeting more than 60 countries. Canada, the US' second-largest trading partner, was the most significant nation affected. In 2024, Canada bought roughly $350 billion in US goods and exported $412 billion to the American market, according to Census Bureau data. In a separate Face the Nation interview on Friday, Greer pointed to Canada's earlier retaliatory tariffs under former Prime Minister Justin Trudeau as a reason for the increase. 'If the president's going to take an action and the Canadians retaliate, the United States needs to maintain the integrity of our action... so we have to go up too,' he said, reported CBS News. 'Our view is the president is trying to fix the terms of trade with Canada, and if there's a way to a deal, we'll find it,' Greer added. 'And if it's not, we'll have the tariff levels that we have.' Responding in a statement Friday, Canadian Prime Minister Mark Carney said he was 'disappointed' by the US action, noting that 'Canada accounts for only 1% of US fentanyl imports and has been working intensively to further reduce these volumes.' LeBlanc said Sunday that Carney is expected to speak with President Trump 'over the next number of days,' describing their relationship as 'business-like' and 'respectful.' 'We understand and respect totally the president's view in terms of the national security interests. In fact, we share it,' LeBlanc said. 'And what we've said to our American counterparts is, how can we structure the right agreement where we can both continue to supply one another in a reliable, cost-effective way that preserves jobs essential to the American economy? But the same thing is true, obviously, in Canada as well. ' Relations between the two countries have grown increasingly tense since Trump took office in January and floated the idea that Canada could become the '51st state.' Carney rejected the notion during a May Oval Office meeting, saying Canada is 'not for sale.'
Time of India
an hour ago
- Time of India
Morne Morkel hails Mohammed Siraj, reflects on Day 4 twist and rain delay
Trump Breaks Silence on India & Russia's Oil 'Breakup' | 'New Delhi May Stop…' 'I heard India may stop buying Russian oil,' said US President Donald Trump, calling it a 'good step.' But reports say Indian refiners are still sourcing discounted Russian crude. As U.S. pressure mounts, New Delhi defends its ties with Moscow as 'steady and time-tested,' while balancing key strategic relations with Washington. Will India bow to American pressure or stick with its long-time energy partner? 29.0K views | 1 day ago
