Sensex tanks 762 points, Nifty down by 0.82% amid Trump's move to double tariffs on steel, aluminium
Benchmark stock indices Sensex and Nifty declined in early trade Monday, following weak trends in Asian markets and renewed global trade concerns after US President Donald Trump threatened to double tariffs on imported steel and aluminium to 50% from June 4.
The BSE's 30-share Sensex lost 762.24 points to 80,688.77, while Nifty 50 dipped from 212.25 points to 24,538.45.
From the Sensex firms, HDFC Bank, HCL Tech, Reliance Industries, Infosys, Tech Mahindra, Bajaj Finance, Larsen & Toubro, Titan, Tata Consultancy Services and Tata Steel were among the biggest laggards.
According to Reuters, Nifty Metal index dropped 1.4%, leading losses. IT companies, heavily exposed to the US market, fell 1.25%, adding to the drag.
In Asian markets — South Korea's Kospi, Japan's Nikkei 225 index, Shanghai's SSE Composite index and Hong Kong's Hang Seng were trading lower.
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