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6h ago

Sensex Sinks 706 Points as US Tariffs on India Take Effect

Foreign selling persisted after new Russia-linked US duties, even as limited exporter relief failed to steady sentiment.

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The Bombay Stock Exchange building on Dalal Street in Mumbai.

Overview

  • Benchmarks extended losses on Thursday, with the Sensex closing at 80,080.57 (-0.87%) and the Nifty at 24,500.90 (-0.85%).
  • The US implemented an additional 25% duty on many Indian imports from 12:01 a.m. EDT on Aug. 27, taking effective levies near 50% for some products and citing threats tied to Russia.
  • Foreign investors offloaded equities worth about Rs 6,516 crore on Tuesday as domestic institutions bought roughly Rs 7,060 crore, helping cushion declines.
  • The government extended duty-free cotton imports to December 31 to support textile exporters, while exposure varies across sectors with certain pharma, electronics and some steel and aluminium items facing differentiated treatment.
  • Analysts framed the shock as primarily a sentiment setback with key support near Nifty 24,500, and they flagged scope for policy negotiations and uneven short-term trade effects due to supply-chain frictions.