Indian Equity Markets Tumble Amid Global Trade Tensions

Indian benchmark indices faced significant declines as global trade tensions escalated, with the Nifty 50 slipping below the 24,800 mark and the Sensex dropping nearly 550 points. The downturn was fueled by a US draft notice proposing additional tariffs on Indian imports, alongside foreign fund outflows, a weaker rupee, and rising crude oil prices.

Sectoral performance was broadly negative, with banking, financials, realty, and pharma stocks declining over 1%. Only auto and FMCG sectors showed resilience. Top losers included Shriram Finance, SUN Pharma, and Tata Steel, while Eicher Motors and HUL led the few gainers.

The smallcap and midcap indices underperformed, falling 1.51% and 1% respectively. Market breadth remained weak, with 2,948 stocks traded on the NSE by early afternoon.