Economy

India Metal Stocks Lead Sensex Slump on Trump's Import Tariffs

India Metal Stocks Lead Sensex Slump on Trump's Import Tariffs

Meanwhile, the broad based NSE Nifty fell by 99.50 or 0.95% at 10,358.85 with 7 components registering rise.

The 30-share Sensex declined 300.16 points or 0.88% to 33,746.78. Benchmark indices extended losses for fourth consecutive session despite BJP's landslide victory in Tripura, falling a percent each on weak Asian cues after US President Donald Trump's tariff announcement raised concerns about a trade war.

Heavy selling pressure was seen in metal, basic materials, oil and gas and fast moving consumer goods sectors.

Asian bourses too succumbed to the pressure emanating from the U.S. tariff plans on steel and aluminium imports. It lost 300 points or 0.88 per cent to 33,747.The Nifty at National Stock Exchange declined 100 points or 0.95 per cent to 10,359.

Among Sensex constituents, tata motors suffered the most by diving 5.04 per cent, followed by Bajaj Auto 2.73 per cent.

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Mumbai: Tracking declines in global markets, benchmark indices fell almost 1% on Monday with US President Donald Trump sparking fresh fear among investors about a potential trade war.

Auto stocks are also trading lower with the BSE Auto index slipping over 1% as increase in the proposed tariff hike of both steel and aluminium may impact the prices of cars and trucks.

This is the 13th straight session of fall for the stock.

Shares of Aurobindo Pharma ended 3.73 per cent lower amid reports that the company has received observations from the United States health regulator for one of its Hyderabad units.

In the Asian region, Hong Kong's Hang Seng fell 1.38 per cent, Japan's Nikkei shed 0.65 per cent, while Shanghai Composite Index down 0.35 per cent in their early deals.