GG News Bureau
Mumbai, 3rd Feb. Equity benchmarks Sensex and Nifty fell sharply in early trading on Monday after President Donald Trump imposed hefty tariffs on Canada, China, and Mexico, fueling concerns of a wider trade war.
The BSE Sensex dropped over 400 points to 77,084, while the Nifty 50 lost more than 160 points, falling to 23,320. Major stocks like Larsen & Toubro, NTPC, and Reliance Industries were among the biggest losers, while Titan, Maruti, and Bajaj Finserv saw gains.
Experts attributed the market pressure to Trump’s tariff decisions. “Despite a positive Budget, global uncertainty from these tariffs is weighing on markets,” said VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services.
The rupee hit an all-time low of 87.1450 against the US dollar, down 0.6% from Friday and nearing a 4% decline since October 2024. Other Asian currencies also saw losses.
Trump’s tariffs include 25% duties on Canada and Mexico and a 10% tariff on China. In response, Canada announced retaliatory measures, while Mexico and China indicated plans to counter the levies at the World Trade Organization.
Trump’s move has sent shockwaves across markets, with experts monitoring investor reactions to the global economic fallout.
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