Sensex, Nifty snap two-day rally on weak global trends after Trump tariff threats

The bull statue at the Bombay Stock Exchange building, in Mumbai.
| Photo Credit: PTI

Benchmark indices Sensex and Nifty snapped the two-day rally and closed lower on Tuesday (November 26, 2024) in line with weak global market trends amid concerns over tariff threats by U.S. President-elect Donald Trump.

In a volatile trade, the 30-share Sensex declined 105.79 points or 0.13% to settle at 80,004.06. During the day, it lost 311.18 points or 0.38% to 79,798.67.

The broader NSE Nifty declined by 27.40 points or 0.11% to 24,194.50.

From the 30-share Sensex pack, UltraTech Cement, Adani Ports, Sun Pharma, NTPC, Tata Motors, Mahindra & Mahindra, Larsen & Toubro and Power Grid were among the biggest laggards.

Asian Paints, Infosys, JSW Steel, Tata Consultancy Services and Reliance Industries were among the biggest gainers.

Global stock markets declined following concerns over U.S. President-elect Donald Trump’s comment that he plans to impose new tariffs on Mexico, Canada and China as soon as he takes office on January 20.

In Asian markets, Seoul, Tokyo and Shanghai settled lower while Hong Kong ended higher. European markets were trading lower. The U.S. markets ended in positive territory on Monday (November 25, 2024).

All Adani group stocks ended lower, with Adani Green Energy tumbling 7.05%.

Global oil benchmark Brent crude climbed 0.71% to $73.58 a barrel.

Benchmark equity indices surged on Monday, helped by the BJP pulling off a stunning performance in Maharashtra, winning a record number of seats to propel the party-led ruling Mahayuti alliance to a landslide victory.

The BSE benchmark jumped 992.74 points or 1.25% to settle at 80,109.85 on Monday. The Nifty surged 314.65 points or 1.32% to 24,221.90.

Foreign Institutional Investors (FIIs) turned buyers on Monday after unabated selling for the past many days. They bought equities worth ₹9,947.55 crore, according to exchange data.