Markets fall for 3rd day amid high tariffs, Sensex declines 271 points

Mumbai: Equity benchmark indices Sensex and Nifty fell on Friday, extending their downward journey to the third day, as investors continued to reel under pressure caused by the imposition of high tariffs and relentless foreign fund outflows.

The 30-share BSE Sensex dropped 270.92 points or 0.34 per cent to settle at 79,809.65.

The 50-share NSE Nifty edged lower by 74.05 points or 0.30 per cent to 24,426.85.

The market capitalisation of BSE-listed firms eroded by Rs 11,21,459.36 crore to Rs 4,43,65,504.09 crore ($5.05 trillion) in three days.

The US has imposed a steep 50 per cent tariff on Indian goods entering America from August 27. This high duty is expected to impact exports of certain labour-intensive sectors like textiles and leather and footwear and shrimp.

From the Sensex firms, Mahindra & Mahindra fell by 2.96 per cent, followed by Reliance Industries which lost 2.21 per cent. Infosys, NTPC, Tata Motors and Tech Mahindra were also among the laggards. However, ITC, Bharat Electronics, Trent, and Larsen & Toubro were among the major gainers.

On Thursday, the Sensex tanked 705.97 points or 0.87 per cent to settle at 80,080.57. The Nifty dived 211.15 points or 0.85 per cent to 24,500.90.

In the past three trading days, the BSE benchmark has plummeted 1,826.26 points or 2.23 per cent, and the Nifty tumbled 540.9 points or 2.16 per cent.

FIIs offloaded equities worth Rs 3,856.51 crore on Thursday, while Domestic Institutional Investors bought stocks worth Rs 6,920.34 crore, according to exchange data.