Indian Markets Plunge as US Tariffs Spark Broad Selloff

Indian equities tumbled sharply as trade tensions with the US escalated, triggering a market-wide retreat. The Nifty50 index dropped 1.02% to 24,712.05 while the Sensex fell 1.04%, shedding 849 points. The selloff came hours before punitive US tariffs—slated to reach 50% on select Indian goods—take effect Wednesday morning.

Washington's MOVE targets India's continued imports of Russian crude, with the Department of Homeland Security formally notifying the 25% tariff hike. Brokerages flagged the policy shift as the primary catalyst, with Ashika Institutional Equities noting 'sentiment dampened by the draft notice proposing tariffs of up to 50%.' Decliners outnumbered gainers nearly 3:1 on the BSE, while midcap and smallcap indices underperformed with losses exceeding 1.5%.