Domestic market recovers from high US tariff shock

DOMESTIC equity markets staged a sharp rebound on Thursday after opening with significant losses.

- ARSHAD KHAN @New Delhi

The weekly expiry day started on a weak note, with the benchmark indices- BSE Sensex and NSE Nifty - witnessing a steep gap-down opening.

The downturn was driven by geopolitical tensions after U.S. President Donald Trump signed an executive order levying an additional 25% tariff on Indian goods, raising total US tariffs on India to 50%.

Sensex, which fell more than 700 points to hit an intraday low of 79,824.61, closed the session at 80,623.26, while the Nifty rebounded from a fall of 220.80 points to settle above the 24,500 level. The broader midcap index edged up by 0.3%, while the smallcap index closed on a muted note.