Nifty50 and BSE Sensex, the Indian equity benchmark indices, tanked in trade on Friday as Donald Trump’s 50% tariffs on India and its likely impact on exports and economy hit sentiment.

Indian stocks fell sharply on Friday, with the Sensex dropping as weak Q1 earnings, continued foreign outflows, and Trump’s tariff hike on Indian exports weighed on sentiment. Benchmarks are heading for a sixth straight weekly loss.

The trends on Gift Nifty also indicate a negative start for the Indian benchmark index. The Gift Nifty was trading around 24,594 level, a discount of nearly 40 points from the Nifty futures’ previous close.