Trade war concerns spook Street, smids closer to bear zone

Indian investors saw about ₹9.3 lakh crore wiped out in market wealth on Tuesday as Trump's latest tariffs, slower corporate earnings and a relentless selloff by foreign investors continued to rock the sentiment.

- Dipti Sharma & Ram Sahgal

MUMBAI:

Small- and mid-cap stocks (smids) took an even harder hit.

Benchmark indices fell for the fifth straight session, with the Nifty and BSE Sensex settling at two-week lows of 23,071.80 and 76,293.60 points respectively, each down 1.3%. During the day, the headline indices fell as much as 2%.

Heavyweights Reliance Industries Ltd, HDFC Bank Ltd, Larsen & Toubro Ltd, and Tata Consultancy Services Ltd weighed down the benchmarks. Among NSE sectoral indices, the Nifty Midsmall Financial Services index took the biggest hit, sliding nearly 4%, while the Nifty Midsmall Healthcare index followed with a 3.3% drop.