Sensex Drops 600, Nifty Down 180 as US Tariffs Hit Indian Goods.
Indian markets opened sharply lower on Thursday after the US imposed an additional 25% tariff on Indian imports, bringing total duties to 50% over New Delhi’s purchase of Russian oil.
By 9:17 am, the Nifty 50 was down 180 points at 24,583, while the Sensex fell over 600 points to 80,315. Fourteen of the 16 major sectors recorded losses, with small- and mid-cap indices declining 0.2% and 0.1%, respectively.
HDFC Bank dropped 1.5%, ICICI Bank and Reliance Industries fell around 0.9% each, and Interglobe Aviation slid 4.3% after reports of a discounted stake sale. Hero MotoCorp bucked the trend, rising 1.5% on a Jefferies upgrade.
Analysts warn the tariffs could slow exports, foreign investment, and job creation. Foreign portfolio investors have offloaded $2.66 billion of Indian shares in August—the highest outflow since February.
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