Sensex ends 509 points lower, Nifty slips over 1%

Sensex ends 509 points lower, Nifty slips over 1%

Mumbai, Mar 16: The market ended lower amid political upheaval after the Telugu Desam Party (TDP) formally decided to quit the NDA government.
The S&P BSE Sensex ended at 33,176, down 510 points while the broader Nifty50 index settled at 10,195, down 165 points.
The Telugu Desam Party (TDP) on Friday formally decided to quit the NDA, days after two of its ministers quit the Narendra Modi government protesting for Special Category Status to Andhra Pradesh. The party will also move a no-confidence motion against the Modi government over the injustice meted out to the state, an official communique said.
The YSR Congress Party on Thursday moved a no-confidence motion in the Lok Sabha against the Narendra Modi government. The no-confidence motion can be accepted only if it has the support of at least 50 members in the House.
Among sectors, metal companies were under pressure falling by over 2% on the NSE on fears that the tariffs could disrupt growth. SAIL, Vendanta, Hind Copper were trading lower in the range of 3% to 5% on the NSE.
Globally, Asian stocks slid as reports of more chaos in the Trump administration tested investors’ nerves, already frayed by fears that US tariffs could hurt the global economy.