TUESDAY TUMBLE!! Trump Tariffs Send Sensex & Nifty Tumbling Down

Indian stock markets tumbled on Tuesday, with the Sensex plunging over 350 points and the Nifty shedding 70 points in early trade, as investor sentiment soured following US President Donald Trump’s tariff announcement. The fresh trade tensions, coupled with persistent foreign fund outflows, weighed heavily on domestic stocks.

The 30-share BSE Sensex slumped 0.45% to 72,753, while the NSE Nifty fell 0.64% to 21,979. All 13 major sectors logged losses, while broader small- and mid-cap stocks slipped around 1% each.

The market downturn was triggered after Trump confirmed that tariffs on imports from Canada and Mexico would take effect as planned, escalating trade tensions. The move is expected to impact over $918 billion worth of US imports. Canada and Mexico swiftly responded, with Canadian Prime Minister Justin Trudeau announcing retaliatory tariffs on $155 billion worth of US goods, while Mexico hinted at contingency measures.

Adding to global uncertainty, Trump also signed an order to raise tariffs on Chinese imports from 10% to 20%, prompting Beijing to warn of countermeasures. He further threatened reciprocal tariffs on all US trading partners, including India.

Trump, the Republican President who returned to the Oval Office in January, had announced and then paused his blanket tariffs on imports in February, accusing two of the US' major trading partners of failing to stop illegal immigration and drug trafficking.

In India, foreign institutional investors (FIIs) offloaded equities worth Rs 4,788.29 crore on Monday. Global oil benchmark Brent crude also slipped 0.63% to $71.17 a barrel, further adding to market jitters.

Asian markets mirrored the downturn, with Tokyo’s Nikkei 225 plunging 2.43% and the Topix index dropping 1.48%. Hong Kong shares also declined, while Shanghai and Seoul remained flat. Wall Street ended in deep red on Monday, with the Dow Jones falling 649 points (1.48%), the S&P 500 losing 104 points (1.76%), and the Nasdaq plunging 497 points (2.64%).