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India’s benchmark indexes resumed their downward trend this week as fears of an escalating global trade war weighing on the U.S. economy hit heavyweight information technology stocks hard.

The Nifty 50 fell 0.69% in the holiday-shortened week to 22,397.2, while the Sensex lost 0.68% to 73,828.91.

On Thursday, the indexes fell about 0.3% each, their third straight day of loss.

Indian markets will be closed on Friday for a local holiday.

The blue-chip indexes had jumped about 2% in the previous week, marking their best performance in three months.

“The market is navigating the push and pulls of Trump tariffs,” said Dharmesh Kant, head of equity research at Cholamandalam Securities.

While domestic slowdown for fiscal 2025 is now factored in by the market, there is uncertainty from a global standpoint, Kant said.

IT companies, which get a substantial portion of revenue from the United States, were the worst hit this week as the index tumbled 4.5%.

Indian benchmarks muted as IndusInd Bank, IT offset gains in other stocks

The U.S. growth worries triggered downgrades in ratings and target prices for multiple IT stocks as analysts feared the anticipated revival in discretionary spending in the U.S. could be at risk amid fears of a recession.

Infosys, Wipro and L&T Technology Services slid 6.3%, 7.3% and 9.2%, respectively, during the week.

Of the remaining 12 major sectors, 10 ended the week lower. Private banks lost 1.4% as IndusInd Bank’s shares fell 28% due to discrepancies in its derivatives accounts.

The broader mid-caps and small-caps lost 2.2% and 3.9%, respectively, for the week.

Investors will keenly monitor the news around more U.S. tariffs and the Federal Reserve’s policy meeting next week, with the focus staying on the impact of President Donald Trump’s tariffs.

Trump has threatened to escalate the trade war with additional tariffs on Europe and Canada, following their announcement of retaliatory tariffs in response to his previous trade barriers.

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