Widespread fear ahead of the imposition of 50 per cent tariffs by the US on Indian goods on August 27 resulted in the Indian equity benchmarks tumbling by almost 850 points on Tuesday.
As selling pressure increased post the US issuing a draft notice over the implementation of an additional 25 per cent tariff on Indian products, the 30-share BSE Sensex benchmark tumbled 849.37 points, or 1.04 per cent, to close at 80,786.54.
During the day, the index nosedived 949.93 points, or 1.16 per cent, to hit a low of 80,685.98.
The 50-share NSE Nifty also dropped 255.70 points, or 1.02 per cent, to finish at 24,712.05. In the intra-day session, it dived 278.15 points, or 1.11 per cent, to hit a low of 24,689.60.
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Adding to the tariff woes were persistent foreign fund outflows and a weak global trend outlook.
Among Sensex shares, Sun Pharmaceutical, Tata Steel, Trent, Bajaj Finance, Mahindra & Mahindra, Bajaj Finserv, Reliance Industries, Axis Bank, Tech Mahindra, Adani Ports, Titan, BEL, and Larsen & Toubro were the major laggards.
However, Hindustan Unilever, Maruti Suzuki India, ITC, Tata Consultancy Services and UltraTech Cement were the gainers.
According to the draft notice released by the Department of Homeland Security, US administration, the additional tariffs of 25 per cent will cover Indian products "that are entered for consumption, or withdrawn from warehouse for consumption, on or after 12:01 am Eastern Daylight Time on August 27, 2025".
The notice explained that the higher levies were linked to "threats to the US by the government of the Russian Federation," with India targeted in line with that strategy.
In Asian markets, Hong Kong's Hang Seng, Japan's Nikkei 225 index, South Korea's Kospi and Shanghai's SSE Composite index all closed in the negative territory.
The European markets were trading lower, while US markets also ended lower on Monday.
Global oil benchmark Brent crude declined 1.48 per cent to USD 67.78 a barrel.
Foreign Institutional Investors offloaded equities worth ₹2,466.24 crore on Monday, according to the exchange data.
On Monday, the 30-share BSE Sensex climbed 329.06 points to settle at 81,635.91. The 50-share NSE Nifty rose 97.65 points to close at 24,967.75.
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