FILE PHOTO: A man walks past the Bombay Stock Exchange (BSE) building in Mumbai, India October 4, 2018. REUTERS/Francis Mascarenhas
New Delhi: Indian stock markets fell steeply on Monday, resulting in a cumulative (single-day) loss of around 14 trillion Indian Rupees (around 16.32 billion US dollars), as global markets plunged following fears of a tariff-driven recession, said local media reports.
This was dubbed as the biggest single-day decline in Indian stock markets in past 10 months.
India's two stock markets, namely the Bombay Stock Exchange (BSE) and the Nifty50 or the National Stock Exchange (NSE), plunged 5 percent intraday before recovering partially, said media reports.
While the BSE ended the day at 73,137.90, down by 2,227 points, or 2.95 percent, and the NSE ended at 22,161.60, down by 743 points or 3.24 percent.
An online report by "The Times of India" cited various reasons for the steep decline in the Indian stocks, namely global market crash, trade war escalation, and US recession fears, among others.
It quoted market research expert Vinod Nair as saying that the Indian stock markets tumbled amid concerns over high US tariffs and the fear of retaliation by other countries leading to a global trade war.
He added that though the overall impact on India might be limited if compared with other countries, investors were advised to play cautiously.
