Sensex, Nifty50 extend losses to second straight day dragged by IT, financial shares

Domestic equity benchmarks suffered sharp losses on Friday, the first session of a new monthly derivative series, as selling pressure in IT and financial stocks outweighed buying in pockets like FMCG. The Sensex dropped 585.7 points, or 0.7 per  cent lower, to 80,599.9 while the Nifty50 gave up 203 points, or 0.8 per cent, to settle at 24,565.4. Analysts awaited more corporate results for domestic cues, while investors globally cringed at uncertainty around US President Donald Trump’s recipricrocal tariffs as he signed a fresh executive order revising tariffs for 70 countries, including India.

This week, Trump announced a 25 per cent duty for goods imported into the US from India, though he later said that trade deal talks were on with America’s Asian trade partner. 

Analysts said that the back-and-forth with Trump’s tariff announcements has kept investors on edge globally.