Mumbai: The across-the-board selloff triggered by global trade war worries after US President Donald Trump announced tariffs on neighbouring countries on his inauguration day. The benchmark Sensex tanked 1,235 points to settle at a more than seven-month low.

The 30-share BSE Sensex plummeted 1,235.08 points, or 1.60 per cent, to settle at 75,838.36. Heavy selling in ICICI Bank and Reliance Industries dragged the index down. During the day, it plummeted 1,431.57 points to hit an intraday low of 75,641.87.

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The broader 50-share NSE Nifty plunged 320.10 points to close at 23,024.65. "Domestic markets experienced a significant decline today, with heightened volatility, followed by Trump's announcement of trade tariffs on neighbouring countries on his inauguration day, adding uncertainty into global markets. The weak recovery in the ongoing Q3 earnings and a depreciating rupee are likely to prompt further outflows from FIIs," Vinod Nair, Head of Research, Geojit Financial Services told PTI.

"Uncertainty over Trump's tariff plans on India spooked domestic markets on the day and triggered a rise in volatility," G Chokkalingam, founder and head of research at Equinomics Research, told Reuters.

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Among Sensex shares, Zomato, NTPC, Adani Ports, ICICI Bank, State Bank of India, Reliance Industries, Mahindra & Mahindra, Bajaj Finance, Tech Mahindra and Axis Bank were the major laggards. UltraTech Cement and HCL Technologies were the only gainers.

Foreign Institutional Investors (FIIs) offloaded equities worth Rs 4,336.54 crore on Monday, according to exchange data.

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