Equity benchmark indices Sensex and Nifty ended lower on Thursday after US President Donald Trump announced the imposition of a 25 per cent tariff on all goods coming from India starting August 1 and an unspecified penalty for buying Russian crude oil and military equipment.
As per PTI report, Halting its two-day rally, the 30-share BSE index declined 296.28 points, or 0.36 per cent, to settle at 81,185.58 after recovering some lost ground during the afternoon trade.
During the morning session, the gauge tanked 786.71 points, or 0.96 per cent, to 80,695.15.
The 50-share NSE Nifty dropped 86.70 points or 0.35 per cent to 24,768.35.
The announcement is being seen as a pressure tactic to get New Delhi to agree to demands made by the US, which has, in recent days, got favourable trade deals with major partners like Japan, the UK and the European Union.
The penalty was announced as India has made large purchases of oil and military equipment from Russia.
India is the first country to face a penalty for Russian imports.
