Sensex tumbles 1% as negative global cues haunt investors

Mumbai: Equity benchmark index Sensex tumbled nearly one per cent to slip below the 80,000 level on Friday as growing concerns over the impact of the additional US tariff and unabated foreign fund outflows unnerved investors. Deep losses in market heavyweights Reliance Industries, HDFC Bank and Bharti Airtel also added pressure on equities, traders said.

The 30-share BSE Sensex tanked 765.47 points or 0.95 per cent to settle at 79,857.79. During the day, it tumbled 847.42 points or 1.05 per cent to 79,775.84. As many as 2,507 stocks declined while 1,521 advanced and 145 remained unchanged on the BSE. The 50-share NSE Nifty dropped 232.85 points or 0.95 per cent to 24,363.30. Extending losing streak for the sixth consecutive week, the BSE benchmark dropped 742.12 points or 0.92 per cent, and the Nifty declined 202.05 points or 0.82 per cent.

“The Indian equity market exhibited downward movement, closing at a three-month low amid growing concerns over the impact of US tariffs on Indian exports. FIIs remained net sellers, intensifying the pressure on domestic indices. The pessimism was broad-based, with realty and metals bearing the biggest brunt,” Vinod Nair, Head of Research, Geojit Investments Limited, said.

From the Sensex firms, Bharti Airtel, Tata Motors, Mahindra & Mahindra, Kotak Mahindra Bank, Axis Bank and Reliance Industries were among the laggards. “Selling intensified, with the Sensex ending below the psychological 80k mark, as analysts believe that once the stiff tariff penalty on Indian goods by the Trump administration comes into effect, India’s growth could be hit going ahead,” Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd, said.

However, NTPC, Titan, Trent, ITC and Bajaj Finserv managed to be in green territory. The BSE midcap gauge tanked 1.56 per cent, and the smallcap index dropped 1.03 per cent.