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Indian shares fell sharply on Friday after a Trump administration official called India the ‘Maharaja’ of tariffs and ramped up his criticism over the trade ahead of an expected tariff increase on August 27.<\/p>\n
White House Trade Adviser Peter Navarro accused India of playing a “role in the bloodshed,” in Ukraine by importing Russian oil, calling it a “laundromat for the Kremlin.”<\/p>\n
Traders also pared back wagers on imminent Federal Reserve interest-rate cuts and braced for Fed Chair Jerome Powell’s speech at the Jackson Hole symposium.<\/p>\n
The benchmark BSE Sensex tumbled 693.86 points, or 0.85 percent, to 81,306.85, snapping a six-day winning streak. <\/p>\n
The broader NSE Nifty index fell 213.65 points, or 0.85 percent, to 24,870.10 while the BSE mid-cap and small-cap indexes ended down 0.2 percent and 0.4 percent, respectively. <\/p>\n
The market breadth was weak on the BSE, with 2,308 shares falling while 1,777 shares advanced and 155 shares closed unchanged. <\/p>\n
Among the prominent decliners, TCS, Adani Ports, Kotak Mahindra Bank, HCL Technologies, ITC, Tata Steel, UltraTech Cement and Asian Paints all fell around 2 percent. <\/p>\n<\/p>\n<\/div>\n