<p>Bengaluru: There was bloodbath on Dalal Street as BSE Sensex and NSE Nifty dropped nearly 2 per cent on Friday, mirroring deep losses in the global markets on the back of the latest announcement of additional 10 per cent tariff on Chinese products and concerns about the United States’ economic outlook.</p><p>Domestically, investors were nervous ahead of India’s GDP data, and unabated pulling out of funds by foreign institutional investors (FIIs). This was the worst day for markets in around five months, and according to news agency <em>Reuters</em>, Nifty posted its longest monthly losing streak since 1996.</p><p>Meanwhile, the rupee depreciated 28 paise to close at 87.46 against the US dollar on Friday, as the strength of the American currency and the selloff in domestic equities dented investor sentiment.</p><p>The 30-share Sensex plunged 1,414.33 points or 1.90 per cent to settle at 73,198.10. During the day, it fell 1.97 per cent. Investors on the Sensex became poorer by Rs 9 lakh crore on Friday.</p><p><br>Extending losses to the eighth straight day, the 50-share Nifty slumped 420.35 points or 1.86 per cent to 22,124.70.</p>.India's forex reserve jumps by $4.758 billion to $640.479 billion.<p>From their lifetime highs in September 2024, the Sensex and Nifty have tanked 14.86 per cent and 16.8 per cent respectively, a clear indication of a bear market.</p><p>“While the trend of market decline continues unabated, the larger than expected fall has been caused due to uncertainties surrounding the actual impact of the countervailing tariffs imposed by the US, and similar walls erected by other countries including China,” said Dr Joseph Thomas, Head of Research, Emkay Wealth Management. He added that with persistent selloff, market correction is close to its saturation levels. In other words, the bottom could be near.</p><p>“The national market experienced a sharp decline amid heightened bearish sentiment largely influenced by weak global cues. The decline was largely triggered on fear of the implementation of 25 per cent tariff on US imports from Canada and Mexico, set to take effect next week, along with an additional 10 per cent tariff on Chinese goods,” said Vinod Nair, Head of Research, Geojit Financial Services. </p><p>Nair said that adding to market jitters, the potential imposition of tariffs on the European Union has further fuelled uncertainty.</p><p>From the Sensex pack, Tech Mahindra slumped over 6 per cent followed by IndusInd Bank which fell over 5 per cent. Mahindra & Mahindra, Bharti Airtel, Infosys, Tata Motors, Titan, Tata Consultancy Services, Nestle and Maruti were also among the major laggards. HDFC Bank emerged as the only gainer from the pack.</p><p>In Asian markets, Seoul, Tokyo, Shanghai and Hong Kong settled with deep cuts. European markets were trading mostly lower. US markets ended sharply lower on Thursday.</p><p>The BSE smallcap gauge dropped 2.33 per cent and midcap index fell 2.16 per cent on Friday. All BSE sectoral indices ended lower.</p>
<p>Bengaluru: There was bloodbath on Dalal Street as BSE Sensex and NSE Nifty dropped nearly 2 per cent on Friday, mirroring deep losses in the global markets on the back of the latest announcement of additional 10 per cent tariff on Chinese products and concerns about the United States’ economic outlook.</p><p>Domestically, investors were nervous ahead of India’s GDP data, and unabated pulling out of funds by foreign institutional investors (FIIs). This was the worst day for markets in around five months, and according to news agency <em>Reuters</em>, Nifty posted its longest monthly losing streak since 1996.</p><p>Meanwhile, the rupee depreciated 28 paise to close at 87.46 against the US dollar on Friday, as the strength of the American currency and the selloff in domestic equities dented investor sentiment.</p><p>The 30-share Sensex plunged 1,414.33 points or 1.90 per cent to settle at 73,198.10. During the day, it fell 1.97 per cent. Investors on the Sensex became poorer by Rs 9 lakh crore on Friday.</p><p><br>Extending losses to the eighth straight day, the 50-share Nifty slumped 420.35 points or 1.86 per cent to 22,124.70.</p>.India's forex reserve jumps by $4.758 billion to $640.479 billion.<p>From their lifetime highs in September 2024, the Sensex and Nifty have tanked 14.86 per cent and 16.8 per cent respectively, a clear indication of a bear market.</p><p>“While the trend of market decline continues unabated, the larger than expected fall has been caused due to uncertainties surrounding the actual impact of the countervailing tariffs imposed by the US, and similar walls erected by other countries including China,” said Dr Joseph Thomas, Head of Research, Emkay Wealth Management. He added that with persistent selloff, market correction is close to its saturation levels. In other words, the bottom could be near.</p><p>“The national market experienced a sharp decline amid heightened bearish sentiment largely influenced by weak global cues. The decline was largely triggered on fear of the implementation of 25 per cent tariff on US imports from Canada and Mexico, set to take effect next week, along with an additional 10 per cent tariff on Chinese goods,” said Vinod Nair, Head of Research, Geojit Financial Services. </p><p>Nair said that adding to market jitters, the potential imposition of tariffs on the European Union has further fuelled uncertainty.</p><p>From the Sensex pack, Tech Mahindra slumped over 6 per cent followed by IndusInd Bank which fell over 5 per cent. Mahindra & Mahindra, Bharti Airtel, Infosys, Tata Motors, Titan, Tata Consultancy Services, Nestle and Maruti were also among the major laggards. HDFC Bank emerged as the only gainer from the pack.</p><p>In Asian markets, Seoul, Tokyo, Shanghai and Hong Kong settled with deep cuts. European markets were trading mostly lower. US markets ended sharply lower on Thursday.</p><p>The BSE smallcap gauge dropped 2.33 per cent and midcap index fell 2.16 per cent on Friday. All BSE sectoral indices ended lower.</p>