The Indian equity benchmark indices closed lower, as realty stocks dragged most.
The NSE Nifty 50 ended 182.85 points, or 0.78% down at 23,377.10, and the 30-stock BSE Sensex ended 548.39 points, or 0.70% lower at 77,311.80.
The NSE Nifty Bank also closed lower at 49,981, down 0.35% by 177.85 points.
"The ongoing tariff-related trade war built up has continued to negatively impact the Indian equities. Following a sluggish opening; the Index extended its losses throughout the day and, ultimately closed at 23,381.60, with a considerable drop of 178.35 points. All sectors experienced substantial declines, with the Realty and Metal sectors tumbling the most," said Aditya Gaggar, director of Progressive Shares.
The selling pressure was particularly intense in the broader markets, as both Mid and Small-cap segments saw declines of 2.12% and 2.11%, respectively. With a strong bearish candlestick, the index has decisively broken through its key support level of 23,500, signaling a potential move towards the next support level of 23,240. Meanwhile, the resistance level has shifted lower to 23,465, he added.
Shares of Kotak Mahindra Bank Ltd., Bharti Airtel Ltd., ICICI Bank Ltd., HCLTech Ltd. and ITC Hotels Ltd. contributed positively to changes in the Nifty 50.
While those of HDFC Bank Ltd., Infosys Ltd., Reliance Industries Ltd., Mahindra & Mahindra Ltd. and Trent Ltd. weighed the index.
All 12 sectors on NSE ended in red, with Nifty Realty, Metal, Media, Energy and Pharma declining the most.
The BSE Midcap was down 2.06%, while BSE Smallcap was 2.25% lower.
Market breadth was skewed in the favour of sellers. Around 3,032 stocks declined, 1,069 stocks advanced, and 124 remained unchanged on BSE.
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