Mumbai: Trump’s tariffs hurt Dalal Street mood for the second session in row as the sensex slipped 706 points or 0.9% on Thursday to 80,081. The selloff was stronger outside of large cap stocks, as mid and small-cap stocks slid sharply.In the last two sessions, the sensex has lost about 1,550 points as foreign funds have been on a selling spree in recent weeks. So far in the month, the net outflow by foreign portfolio investors from the secondary market alone was a little over Rs 30,000 crore, data from NSDL and BSE showed. On Thursday, net FPI outflow was Rs 3,857 crore, BSE data showed.
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On the NSE, Nifty lost 211 points (0.9%) to close at 24,501. Telecom, IT and real estate stocks were the worst hit on Thursday. The day’s selloff left investors poorer by about Rs 5.3 lakh crore with BSE’s market cap at Rs 445.2 lakh crore.According to Vikram Kasat of PL Capital, at an effective rate of 34%, India faces one of the harshest tariff regimes in the world, second only to China and far above 16% that Asean countries pay. However, “(the) real blind spot lies in services.
