Mumbai: Indian equity markets witnessed a steep sell-off today after U.S. President Donald Trump backed a bill proposing a massive 500% tariff hike on countries importing oil from Russia — including India. The announcement triggered widespread panic across sectors, dragging benchmark indices sharply lower.
By 12:38 pm, the BSE Sensex had plunged 643.78 points, or 0.76%, to 84,317.36. The NSE Nifty50 also dropped 219.75 points, or 0.84%, settling at 25,921. All sectoral indices traded in the red.
Among Nifty constituents, ICICI Bank, Eternal, and Bharat Electronics were the top gainers, while Hindalco Industries, JSW Steel, and ONGC posted the biggest losses. In the broader market, the Nifty Midcap 150 fell 1.53% and the Smallcap 250 declined 1.43%. Sector-wise, Nifty Metal shed 2.71%, Nifty IT fell 1.6%, and Nifty FMCG slipped 0.8%.
₹7.19 Lakh Crore Market Erosion
President Donald Trump has signaled approval for a bill aimed at imposing strict penalties on countries purchasing oil from Russia. Senator Lindsey Graham said the bill could come up for voting next week. If passed, the legislation will empower the U.S. President to sharply increase tariffs on nations like India, China, and Brazil, which Washington accuses of boosting Russia’s “war machine” by buying discounted crude.
Over the past four sessions, the Sensex has lost nearly 1,500 points, wiping out ₹7.19 lakh crore in investor wealth. The combined market capitalisation of companies listed on the BSE has dropped by the same amount, slipping to ₹474 lakh crore.
Beyond Trump’s tariff threat, declines in heavyweight stocks such as Reliance Industries and HDFC Bank, coupled with political unrest in Venezuela and weak global cues, have intensified the market downturn.
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