Stock market benchmark indices went into a tailspin in early trade on Monday, with the Sensex and Nifty crashing over 5 per cent, mirroring a sharp fall in global equities, after US President Donald Trump’s tariff hikes and retaliation from China fanned fears that a full-blown trade war will impact economic growth across the globe.
The 30-share BSE benchmark Sensex crashed 3,939.68 points or 5.22 per cent to 71,425.01 in early trade. The NSE Nifty tumbled 1,160.8 points or 5.06 per cent to 21,743.65.
All the Sensex firms were trading in the negative territory. Tata Steel dropped over 8 per cent, followed by Tata Motors which cracked more than 7 per cent. HCL Technologies, Tech Mahindra, Infosys, Larsen & Toubro, Tata Consultancy Services and Reliance Industries were the other big laggards.