Indian equities extended losses for the fourth straight session on Monday as investor sentiment weakened following US President Donald Trump's renewed tariff threats.
Trump said he would impose a 25% duty on all steel and aluminum imports into the US, along with additional reciprocal tariffs on multiple countries.
The uncertainty surrounding US trade policies added to selling pressure in domestic markets, analysts said.
The BSE Sensex lost 548.39 points, or 0.7%, to close at 77,311.80, while the NSE Nifty 50 declined 178.35 points, or 0.8%, to 23,381.60.
Power Grid Corp of India (NSE: POWERGRID, BOM:532898) led the decliners, falling 3.5%, followed by Tata Steel (NSE:TATASTEEL, BOM:500470) and Zomato (NSE:ZOMATO, BOM:543320).
Kotak Mahindra Bank (NSE:KOTAKBANK, BOM:500247) Bharti Airtel (NSE:BHARTIARTL, BOM:532454) and ICICI Bank (NSE:ICICIBANK, BOM:532174) were among the top performers.
Meanwhile, JSW Steel (NSE:JSWSTEEL, BOM:500228) reported a 7% year-on-year increase in consolidated crude steel production to 2.5 million tonnes in January, according to a filing with the Indian stock exchanges. The company's Indian operations also saw a similar rise in output, with capacity utilization, excluding trial run operations, at 90%.
Glenmark Pharmaceuticals (NSE:GLENMARK, BOM:532296) and Cosmo Pharmaceuticals received approval from the UK's Medicines and Healthcare products Regulatory Agency (MHRA) to market Winlevi in the country. Winlevi, a topical acne treatment, was in-licensed by Glenmark from Cosmo Pharmaceuticals for distribution in Europe and South Africa under a deal signed in September 2023.
