Mumbai: Stock market benchmark indices tumbled on Thursday, with the Sensex cracking 706 points, as the additional 25 per cent tariff imposed by US President Donald Trump on India for its purchases of Russian oil came into effect.
Besides, persistent foreign fund outflows also dented investors’ sentiment leading to a steep fall in two consecutive sessions.
The additional 25 per cent tariff imposed by the US on India came into effect on Wednesday, bringing the total levies on Indian goods to 50 per cent.
The 30-share BSE Sensex tanked 705.97 points or 0.87 per cent to settle at 80,080.57. During the day, it dropped 773.52 points or 0.95 per cent to 80,013.02.
The 50-share NSE Nifty dived 211.15 points or 0.85 per cent to 24,500.90.
The market capitalisation of BSE-listed firms declined by Rs 9,69,740.79 crore to Rs 4,45,17,222.66 crore ($5.08 trillion) in two days.
From the Sensex firms, HCL Tech, Infosys, Power Grid, Tata Consultancy Services, HDFC Bank, Hindustan Unilever, Bharti Airtel and ICICI Bank were among the major laggards.
However, Titan, Larsen & Toubro, Maruti and Axis Bank were among the gainers.
The BSE midcap gauge dropped 1.09 per cent and smallcap index declined 0.96 per cent.
Among BSE sectoral indices, services tumbled 2.27 per cent, telecommunication (1.73 per cent), IT (1.68 per cent), BSE Focused IT (1.59 per cent), teck (1.59 per cent), realty (1.47 per cent) and utilities (1.26 per cent).
Consumer Durables emerged as the only gainer.
As many as 2,651 stocks declined while 1,458 advanced and 149 remained unchanged on the BSE.
In Asian markets, South Korea’s Kospi, Japan’s Nikkei 225 index and Shanghai’s SSE Composite index settled in positive territory while Hong Kong’s Hang Seng ended lower.
European markets were trading on a mixed note.
The US markets ended in positive territory on Wednesday.
Global oil benchmark Brent crude dipped 0.62 per cent to $67.63 a barrel.
Foreign Institutional Investors (FIIs) offloaded equities worth Rs 6,516.49 crore on Tuesday, according to exchange data. DIIs, however, bought stocks worth Rs 7,060.37 crore.
On Tuesday, the Sensex tanked 849.37 points or 1.04 per cent to settle at 80,786.54, and the Nifty dropped 255.70 points or 1.02 per cent to 24,712.05.