The stock market experienced a downturn on Monday, tracking losses from global markets following U.S. President Donald Trump’s announcement of new tariffs on major trading partners, including Canada, Mexico, and China. The Nifty index wrapped up the trading session at 23,482.15, down 0.52%. During the day, the index peaked at 23,381.6 and dipped to a low of 23,222.0.

The Sensex fluctuated between 77,260.37 and 76,756.09, ultimately closing 0.41% lower at 77,505.96.

The Indian rupee hit a record low in early trading as the dollar index strengthened, falling to 87.1100 against the US dollar from 86.6162 at the previous close.

On the Nifty, 35 stocks closed in the red, led by Larsen & Toubro, Tata Consumer, Hero MotoCorp, Coal India, and Bharat Electronics, with losses reaching up to 4.67%. Conversely, Bajaj Finance, Shriram Finance, Mahindra & Mahindra, Wipro, and Bajaj Finserv were among the 13 stocks that ended in positive territory, gaining up to 5.12%.

The Midcap index lagged behind the Nifty 50, with the Nifty Midcap 50 closing down by 0.65%. Small-cap stocks also underperformed, as the Nifty Small Cap 100 finished at 16,979.75, down 362.15 points or 2.13%.

Sector-wise, the market closed with mixed performance. The Nifty Oil & Gas, FMCG, and PSU Bank indices were the hardest hit, falling by 2.22%, 1.67%, and 1.60%, respectively. In contrast, Nifty IT, Auto, Pharma, Healthcare, and Consumer Durables managed minor gains of up to 0.68%.

Key gainers included Bajaj Finance (5.32%), Mahindra & Mahindra (3.14%), Wipro (2.89%), Shriram Finance (2.70%), and Bajaj Finserv (2.33%). On the flip side, the top losers were Larsen & Toubro (4.59%), Oil & Natural Gas Corporation (3.32%), Tata Consumer (3.14%), Coal India (2.93%), and Bharat Electronics (2.71%).

The Bank Nifty closed the session at 49,506.95, reaching an intraday high of 49,373.45 and a low of 48,906.05.

Among individual stocks, Eicher Motors Limited saw its shares rise more than 3% to Rs 5,575.5, while Hero MotoCorp’s share price experienced a slight uptick following a report of improved sales for January.

Following the budget presentation, railway stocks took a hit. IRCTC fell by 3.95%, hitting an intraday low of Rs 763.3 on the NSE, while IRFC dropped 5.5% to Rs 133.45, marking a two-session decline of 10.23%. RVNL and Ircon International experienced sharp declines of 7.31% and 5.74%, respectively, and Titagarh Rail Systems was down 7.72% to Rs 882.2, with Jupiter Wagons losing 7.85% during intraday trading.

Oil marketing companies also saw losses after the government announced no compensation for LPG under-recoveries. Indian Oil declined by 2.6%, Bharat Petroleum Corporation dropped by 4.4%, and Hindustan Petroleum Corporation fell by 7%.