Benchmark indices Sensex and Nifty tumbled on Friday mirroring deep cuts in global markets after the latest announcement of additional 10 per cent tariff on Chinese products rattled investors.
Relentless foreign fund outflows also made investors jittery.
The 30-share BSE benchmark Sensex tanked 1,073.48 points to 73,538.95 during the afternoon trade. The NSE Nifty slumped 327.55 points to 22,217.50.
From the Sensex pack, Tech Mahindra, IndusInd Bank, Titan, Infosys, Mahindra & Mahindra, Maruti, HCL Tech and Tata Consultancy Services were the biggest laggards.
HDFC Bank, Axis Bank, Reliance Industries and Adani Ports were the gainers from the pack.
In Asian markets, Seoul, Tokyo, Shanghai and Hong Kong were trading with deep cuts.
US markets ended sharply lower on Thursday.
"Stock markets dislike uncertainty, and uncertainty has been on the rise ever since Trump was elected the US president.
"The spate of tariff announcements by Trump has been impacting markets and the latest announcement of additional 10% tariff on China is a confirmation of the market view that Trump will use the initial months of his presidency to threaten countries with tariffs and then negotiate for a settlement favourable to the US.
"How China responds to the latest round of tariffs remains to be seen," V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services, said.
Foreign institutional investors (FIIs) offloaded equities worth Rs 556.56 crore on Thursday, according to exchange data.
Global oil benchmark Brent crude dipped 0.65 per cent to $73.56 a barrel.
"Asian equities fell Friday after heavy selling on Wall Street as traders grappled with underwhelming Nvidia Corp results, further details on US tariffs and mixed economic data," Ameya Ranadive, Chartered Market Technician, CFTe, Sr Technical Analyst, StoxBox, said.
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