The escalating tariff war between the US and China had a ripple effect on Indian financial markets on Monday, roiling equity and forex markets alike.

The benchmark NSE Nifty closed 151 points (or 1.30 per cent) down at 11,438.10. This was the biggest single-day fall in the index in about six months. The BSE Sensex ended the day lower by 467.65 points (or 1.22 per cent) at 37,922.17. Foreign institutional investors, foreign portfolio investors and domestic institutional investors were net sellers.

The Nifty, which saw eight stocks advance and 42 decline, was dragged down by stocks of non-banking finance companies, as well as pharma, cement, FMCG and metals companies.

Among the Nifty stocks that saw a big fall were Bajaj Finance (down 4.98 per cent), Indiabulls Housing Finance (4.23 per cent), Bajaj Finserv (4.02 per cent), Sun Pharmaceuticals (3.99 per cent) and BPCL (3.61 per cent).

Among the top gainers were HCL Technologies (up 1.54 per cent), Axis Bank (0.92 per cent), Zee Entertainment Enterprises Ltd (0.66 per cent) and Cipla (0.24 per cent).

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