Sensex, Nifty tumble as US imposes new tariffs on China

Mumbai: Global stock markets, including India’s, fell sharply on Friday after the US announced an additional 10% tariff on Chinese imports.

The BSE Sensex plunged 1,414.33 points, or 1.90%, to close at 73,198.10, while the NSE Nifty dropped 420.35 points, or 1.86%, to settle at 22,124.70.

The market decline wiped out Rs 9 lakh crore in investor wealth. Since reaching its record high of 85,978.25 on September 27, 2024, the Sensex has fallen 12,780.15 points, or 14.86%. Meanwhile, the Nifty has lost 4,152.65 points, or 15.80%, from its peak of 26,277.35.

Tech Mahindra shares dropped over 6%, while IndusInd Bank declined more than 5%. Other major losers included Mahindra & Mahindra, Bharti Airtel, Infosys, Tata Motors, Titan, Tata Consultancy Services, Nestle, and Maruti.