Sensex falls over 200 pts, Nifty below 24,700 as Trump revives tariff threat over Russian oil imports
ADVERTISEMENT The BSE Sensex slipped 213 points, or 0.26%, to 80,806, while the NSE Nifty declined 37 points, or 0.15%, to 24,685.
The decline followed remarks from Trump late Monday, in which he vowed to impose "harsh tariffs" on Indian goods if re-elected, citing New Delhi's purchases of discounted Russian crude. India's government dismissed the criticism as 'unjustified' and pledged to defend its economic interests, signalling an escalation in trade tensions between the two countries.
Foreign portfolio investors have extended their selling streak to 11 consecutive sessions through Monday, according to provisional exchange data. The persistent outflows come ahead of the Reserve Bank of India's policy decision due Wednesday, where the central bank is widely expected to hold rates steady.
On the 30-stock Sensex pack, shares of Infosys, Reliance Industries, ICICI Bank, BEL, Hindustan Unilever and HDFC Bank led the laggards, slipping between 0.4% and 1%. The Oil & Gas sector slipped 0.4% in early trade, dragged lower by a more than 2% decline in Hindustan Petroleum Corp Ltd (HPCL), which led sectoral losses.
ADVERTISEMENT Meanwhile, the IT and FMCG sectoral indices were also trading 0.3% lower. In contrast, the broader Nifty Smallcap 100 index rose 0.4%, defying the downtrend, while the Nifty Midcap 100 index traded largely unchanged.
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