Tuesday saw the Indian Benchmark indices Sensex and Nifty slump since morning. Shortly after the opening bell, the Sensex lost as much as 695 points to fall below the 81,000 mark—hitting a low of 80,940.67 for the day.
By afternoon, the BSE 30-pack index was trading closer to a 600-point dip, despite some gains during brunch time. Let us look at the major losers.
Sun Pharma, Tata Steel, Bajaj Finance, BEL, Adani Ports, Trent, Bajaj Finserv, Axis Bank, Reliance, and ICICI Bank were the top ten losers in the morning session.
The NSE counterpart index, the Nifty 50, also slid by 212 points to hit a day’s low of 24,755.60 in the morning before cutting its losses to a 160-170 point deficit. Shriram Finance was the biggest laggard in the Nifty, followed by Sun Pharma.
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The reason for the decline? Monday’s draft notice by the United States over the implementation of an additional 25 per cent tariff on Indian imports. This led to a heavy outflow of foreign funds.
However, some market watchers invoked the recent statements by RBI Governor Sanjay Malhotra, who hinted at policy action if US tariffs hurt domestic growth.
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The current slump shaved off gains from Monday, when the Sensex gained 329.06 points and the Nifty climbed 97.65 points at close.