MUMBAI: Equity benchmark indices Sensex and Nifty declined in initial trade on Tuesday, dragged down by selling in oil & gas shares and persistent foreign fund outflows.
Investor sentiment was further dampened after US President Donald Trump threatened to impose higher tariffs on India over its purchases of Russian oil.
The 30-share BSE Sensex declined by 315.03 points or 0.39 per cent to 80,703.69 in early trade.
The 50-share NSE Nifty went lower by 41.80 points or 0.17 per cent to 24,680.95.
Among the Sensex firms, BEL, HDFC Bank, Reliance Industries, ICICI Bank, Infosys, Hindustan Unilever, Adani Ports, Mahindra & Mahindra, Asian Paints, and Tata Steel were the major laggards.
Maruti, State Bank of India, HCL Technologies, Axis Bank, UltraTech Cement, Tata Motors, Titan, NTPC and Bajaj Finance were among the gainers.
“The latest tweet from President Donald Trump that ‘I will be substantially raising US tariffs on India’ for buying Russian oil is a big threat. If he walks his talk, India-US relations will further strain, and the impact on India’s exports to the US can be worse than thought earlier.”
India’s GDP growth and corporate earnings in FY26 will also be impacted.
The market, still trading at elevated valuations, has not discounted such an eventuality.
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