India’s BSE Sensex closed about 0.4% down at 83,246 on Monday, the lowest since November 7, pressured by renewed trade tensions, disappointing heavyweight earnings and sustained foreign outflows. Global markets were shaken by Trump’s plan to impose tariffs on eight EU nations starting February 1 amid the Greenland dispute. Reliance Industries and ICICI Bank were the biggest drags, dropping 3.1% and 2.4%, respectively, after both missed December-quarter profit estimates. Tech stocks also saw modest declines, reflecting concerns about global demand and cautious guidance during earnings season. In contrast, FMCG and other defensive segments showed some resilience, helping contain broader losses. Indigo, India’s largest airline, emerged as the top gainer, rising nearly 4%, after Jefferies deemed the $2.45 million fine for December’s mass flight cancellations modest and raised its price target to INR 6140 with a “Buy” rating. Tech Mahindra rose 2.4% on stronger-than-expected revenues.
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