Market closing update: Indian stock markets ended sharply lower on Thursday, August 28, as investors digested the impact of fresh 50 per cent tariffs on US-bound exports, which came into effect on Wednesday. These tariffs among the steepest in Asia were introduced in response to India’s continued import of Russian crude oil, further straining trade relations between New Delhi and Washington.
At close, the BSE Sensex plunged 705.97 points, or 0.87 per cent, to finish at 80,080.57, while the Nifty50 dropped 211.15 points, or 0.85 per cent, to settle at 24,500.90.
Broader markets bore the brunt of the sell-off, with the Nifty MidCap 100 and Nifty SmallCap 100 declining 1.27 per cent and 1.45 per cent, respectively.
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Top movers
On the Nifty50, major laggards included Shriram Finance, HCL Technologies, Infosys, Tata Consumer, and Sun Pharma. In contrast, Hero MotoCorp, Adani Enterprises, Asian Paints, Adani Ports, and Titan Company managed to post gains despite the weak market sentiment.
Sector check
Barring Nifty Consumer Durables, which rose 0.30 per cent, all other sectoral indices on the NSE ended in the red. Notably, IT, telecom, and realty indices fell over 1 per cent each, reflecting concerns over global demand and trade disruptions.
The India VIX, a measure of market volatility, remained muted but showed signs of edging higher, indicating cautious sentiment.
