Indian equity benchmark -- Nifty -- ended Tuesday’s trade with cut of over one percent, as bears continued to take control over the market for fifth consecutive day amid global uncertainty. Traders were worried after the US President Donald Trump signed an order on Monday imposing 25 per cent tariffs on steel and aluminium imports to the US. Besides, Trump's top economic adviser Kevin Hassett reportedly said that India has high tariffs that lock out imports. After making cautious start, index slipped into red amid unabated foreign fund outflows. Foreign Institutional Investors (FIIs) offloaded equities worth Rs 2,463.72 crore on Monday, according to exchange data.
In afternoon session, market continued to trade with losses. Traders overlooked a survey of the Federation of Indian Chambers of Commerce and Industry (FICCI) stating that the growth momentum of India’s manufacturing sector continues with 83 per cent of manufacturers reporting either higher or stable production levels, making this the second-highest index recorded in recent years. In late afternoon session, index added more losses and touched day’s low level ahead of key economic data i.e. Consumer price index (CPI) and Index of Industrial Production (IIP) data due on tomorrow.
