Market Mayhem: Sensex and Nifty Plunge Amid Global Trade Fears

India's benchmark indices, Sensex and Nifty, fell by nearly 2% following global market trends. The drop was caused by new tariffs on Chinese goods, U.S. economic concerns, and trade tensions. Asian and European markets also declined. Key involved firms included Tech Mahindra and HDFC Bank.

The Indian stock market witnessed a dramatic downturn on Friday, as benchmark indices Sensex and Nifty sank close to 2%, echoing substantial global losses. The financial upheaval was primarily driven by the imposition of a new 10% tariff on Chinese goods, which spooked investors worldwide.

Sensex, the 30-share BSE index, nosedived 1,414.33 points or 1.90% to close at 73,198.10, while Nifty tumbled 420.35 points or 1.86% to 22,124.70. Adding to investor anxiety were continuous foreign fund outflows and looming concerns over a slowdown in the US economy.

Market heavyweights Tech Mahindra and IndusInd Bank suffered significant losses, while HDFC Bank emerged as a rare performer. Global markets remained troubled as Asian indices and European stocks also recorded sharp downturns, steered by the fear of a prolonged international trade conflict.

(With inputs from agencies.)