Sensex Plunges 1,235 Points Amid Trump's Uncertain Tariff Plan; Nifty Nears 23,000

(RTTNews) - Indian shares tumbled on Tuesday, with selling seen across the board following U.S. President Donald Trump's announcement of trade tariffs on neighboring countries shortly after taking office.

Concerns over weak corporate earnings and continued foreign fund outflows also dampened sentiment.

The dollar rebounded as global markets grappled with a mixed set of signals from Trump.

He delayed tariff plans on Chinese goods but threatened to impose tariffs on two of US' immediate neighbors - Canada and Mexico.

Trump also ordered his administration to address unfair trade practices globally. The benchmark S&P/BSE Sensex slumped 1,235.08 points, or 1.60 percent, to 75,838.36 amid spike in volatility.

The broader NSE Nifty index closed at 23,024.65, down 320.10 points, or 1.37 percent, from its previous close.

Second-line stocks also followed suit, with the mid-cap and small-cap indexes on the BSE closing down 1.9 percent and 2 percent, respectively.

The market breadth was negative on the BSE, with 2,774 shares declining, while 1,202 shares advanced and 112 shares ended unchanged.

Among the prominent decliners, Adani Enterprises, ICICI Bank, Adani Ports, NTPC and Trent plummeted 3-6 percent.

Dixon Technologies fell nearly 14 percent, Zomato dropped over 10 percent and Newgen Software tumbled 16.6 percent after announcing their quarterly results.

One97 Communications lost 5.6 percent after Q3 contribution margin missed analyst estimates amid higher DLG (default loan guarantee) cost.

HDFC Bank ended little changed ahead of its earnings due Wednesday.