Market closing update: Indian equity markets ended lower on Thursday, August 28, as investors continued to digest the effect of new 50 per cent tariffs on US exports that came into force on Wednesday.
At closing, the BSE Sensex dropped 562 points, or 0.70 per cent, settling at 80,224. The Nifty50 index closed down 163 points, or 0.66 per cent, at 24,549.
Among the Nifty50 stocks, Shriram Finance, HCL Tech, Infosys, Sun Pharma, Tata Motors, TCS, Power Grid, Bharti Airtel, IndusInd Bank, ICICI Bank, Trent, Jio Financial, and M&M were the biggest losers. However, Titan, Adani Ports, Asian Paints, Larsen & Toubro, Eternal, and Bajaj Finance bucked the trend and closed higher.
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The steep tariffs, one of the highest in Asia, were imposed due to India’s continued import of Russian crude oil, escalating tensions between New Delhi and Washington. Export-focused sectors such as apparel, textiles, auto parts, engineering goods, gems and jewellery, shrimp, and carpets remained under pressure.
The broader markets also slipped, with the Nifty MidCap and SmallCap indices each falling by 0.9 per cent. India VIX eased slightly, down 0.9 per cent.
Sector-wise, the Nifty IT and Realty indices declined over 1 per cent, while Consumer Durables, Metal, and Oil & Gas sectors managed to close in positive territory. All other sectors ended the day in the red.
