MUMBAI: India’s equity benchmarks logged their worst session in three months after a US Homeland Security notification confirmed that Washington will impose an additional 25 percent tariff on all Indian-origin goods from Wednesday.
On Tuesday, the Nifty 50 fell 1.02 percent to 24,712.05 and the BSE Sensex lost 1.04 percent to 80,786.54. The benchmarks turned negative for August after Tuesday’s session. They lost about 3 percent each in July.
Fifteen of the 16 major sectors logged losses, while the small-caps and mid-caps dipped 2 percent and 1.6 percent, respectively.
In the currency markets, the Indian rupee continued its losing streak for a fifth consecutive session ahead of the tariffs.
Local markets are closed on Wednesday. Trading will resume on Thursday, a day after the tariffs go into effect.
Indian exports will face US duties of up to 50 percent – among the highest imposed by Washington – after President Donald Trump announced additional tariffs over New Delhi’s purchases of Russian oil.
