India’s benchmark Nifty 50 index fell to a two-week low on Thursday following the implementation of 50% tariffs by the U.S. on a wide range of Indian imports.
As of 04:35 GMT, the index slipped 0.7% to as low as 24,507 points after dropping more than 1% in the previous trading session.
The BSE Sensex 30 also declined 0.7%, extending sharp losses amid a broad-based sell-off.
The tariffs effectively double duties on a wide range of Indian goods, including textiles, gems and jewellery, sectors that form the backbone of the country’s labour-intensive export base.
Washington initially levied a 25% duty earlier this year but added a secondary 25% surcharge in August, bringing the total to 50%. U.S. officials said the extra tariff, framed as a secondary duty, was linked to India’s continued imports of discounted Russian oil.
In response, Indian authorities are reportedly exploring mitigation measures, including export diversification, export-sector financial support, and engaging with industry to assess economic fallout. The Reserve Bank of India also said it is monitoring the situation closely to assess broader economic implications.
Source :
https://www.investing.com/news/stock-market-news/indias-nifty-50-hits-2week-low-after-steep-us-tariffs-take-effect-4213751
