PTI NEW delhi

Benchmark stock indices Sensex and Nifty closed lower on Wednesday in line with losses in global markets after fresh US tariffs on China, even as the RBI cut policy rates. The 30-share BSE Sensex dropped 379.93 points or 0.51 per cent to settle at 73,847.15. 

The NSE Nifty declined 136.70 points or 0.61 per cent to 22,399.15. Intra-day, it tanked 182.6 points or 0.81 per cent to 22,353.25. Mirroring weak trends in Asian equities, domestic key equity indices opened lower and remained in the negative territory throughout the session after the US imposed a fresh set of tariffs, including a whopping 104 per cent levy on Chinese imports.

"Global financial markets are witnessing renewed selling pressure following the enactment of reciprocal tariffs. A trade war is escalating global risk, with a rise in US bond yields prompting a sell-off in the world's safe treasury assets. In India, a cut in the repo rate, along with an accommodative policy stance, is taken as a constructive step. "However, it has done little to uplift overall market sentiment, as the world is embracing recessionary risk," Vinod Nair, Head of Research, Geojit Investments Limited, said.

Pharma stocks sink 

Pharma stocks ended lower on Wednesday amid reports that the US will soon announce tariffs on pharmaceutical imports. Shares of Blue Jet Healthcare dived 9.99%, Marksans Pharma tumbled 6.69%, Wockhardt tanked 5.14%, Glenmark Pharmaceuticals plunged 4.35%, Torrent Pharmaceuticals sank 4.10%, and Aurobindo Pharma slumped 3.54% on the BSE.