Dynamite News Global Markets in Turmoil: US Stocks Crash While India Holds Steady
Global markets plunge as US tariffs spark trade war fears, hitting IT/pharma stocks; India shows resilience despite recession risks.
New Delhi: The US Wall Street witnessed its worst market drop since March 2020, with the Nasdaq falling 6% and the Dow Jones down over 1,600 points (4%) in Thursday's trading session. The S&P 500 also fell 5%, sending global markets into a state of panic.
While the Sensex closed 1% lower at 75,300 and Nifty fell 1.45% to 22,910, Indian markets demonstrated surprising stability compared to the US meltdown. However, Reliance Industries took a 4% hit amid the global sell-off.
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Trump's new 26% tariff on Indian goods and 10% on other nations sparked retaliatory threats (including Canada's 25% auto tariff), hammering pharma/IT/auto sectors (Nifty IT -2%), while Deutsche Bank warns the tariffs could cut US growth by 1-1.5% and a falling dollar index compounds economic concerns.
Economists note India's domestic demand and manufacturing upswing may cushion the impact, unlike export-dependent Asian peers like Japan's Nikkei (-3%) and South Korea's KOSPI (-2%).
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