Business
Donald Trump tariffs: Why did Nifty50, BSE Sensex tank in trade? Top reasons stock for market fall – The Times of India

Stock market today: Nifty50 and BSE Sensex, the Indian equity benchmark indices, crashed in trade on Thursday, a day after Donald Trump’s 50% tariffs on India came into effect. While Nifty50 closed at 24,500.90, down 211 points, BSE Sensex ended at 80,080.57, down 706 points or 0.87%.The newly imposed tariffs emerged as the main factor affecting market performance, whilst investors simultaneously grappled with additional challenges, including unfavourable global market indicators and continuous withdrawal of foreign investments. These factors collectively intensified the market decline, causing the benchmark indices to fall further.The severe downturn resulted in BSE-listed companies losing Rs 4.14 lakh crore in market capitalisation, bringing the exchange’s total market value down to Rs 445.80 lakh crore.
Why did the stock market fall today? Top reasons
50% US tariffs on IndiaThe new 25% additional tariffs from Washington on Indian goods became effective on Wednesday, creating uncertainty for exporters and overall market sentiment.Dr. V.K. Vijayakumar, Chief Investment Strategist at Geojit Investments, believes these duties will affect equities temporarily but shouldn’t cause widespread concern.“The 50% tariff imposed on India, which has already come into effect, will weigh on market sentiments in the near-term. But the market is unlikely to panic since the market will view these high tariffs as a short-term aberration which will be resolved soon,” Vijayakumar said, noting US Treasury Secretary Scott Bessant’s statement that “at the end of the day India and US will come together.”Additionally, Vijayakumar identified high valuations and poor earnings performance as ongoing issues. He expects export-focused industries to experience short-term difficulties, whilst suggesting investors consider moving towards reasonably priced domestic consumption sectors. He recommends transitioning from volatile small-cap investments to more stable large-cap consumer stocks for better risk management.FII sell-off continuesForeign institutional investors extended their selling momentum for the third consecutive session. Exchange data showed that on August 26, FIIs sold shares valued at over Rs 6,500 crore. Conversely, domestic institutional investors emerged as net buyers, investing Rs 7,060 crore.The selling pattern has affected multiple sectors. In early August, FIIs withdrew approximately Rs 31,900 crore across eight sectors, with financial and technology sectors experiencing the highest outflows. Net equity sales reached Rs 20,976 crore in the first half of the month, following July’s withdrawals and pushing the total outflows for the year to Rs 1.2 trillion.Earlier this month, Jefferies reported that foreign portfolio investor presence in India had reached its lowest level in a decade. Despite consistent domestic inflows providing support, analysts suggest that any market recovery could remain unstable.Dr. V.K. Vijayakumar of Geojit Investments emphasised the importance of domestic institutional support. “The strong pillar of support to the market is the aggressive buying by DIIs flush with funds,” he noted, explaining that domestic investments are helping balance the foreign outflows.Global markets in redAsian markets displayed weakness on Thursday as investors weighed Nvidia’s exceptional earnings against growing worries regarding the company’s business interests in China.The MSCI Asia-Pacific index, excluding Japan, fluctuated throughout the session before declining 0.2%. Similarly, US stock futures declined during extended trading hours, with S&P 500 e-minis dropping 0.2% and Nasdaq futures declining 0.4%. Despite reporting outstanding results, Nvidia’s shares retreated as uncertainties persisted over its Chinese operations amidst ongoing US-China trade tensions.Japanese markets showed volatility following news that Tokyo’s chief trade representative cancelled a planned visit to Washington, postponing discussions about a recently concluded trade agreement. The Nikkei 225 registered a 0.4% increase. In contrast, Hong Kong’s market performance weakened, with the Hang Seng Index recording a 1% decline.Market sentiment further deteriorated following US political developments, as President Donald Trump announced the removal of Federal Reserve Governor Lisa Cook. This decision raised questions about the central bank’s autonomy, although Cook has indicated her intention to legally contest the dismissal.Technicals show market weaknessTechnical indicators suggest market weakness ahead, although some strategists anticipate a potential short-term recovery.At Geojit Investments, Chief Market Strategist Anand James observed bearish conditions, identifying 24,071-23,860 as target levels. He acknowledged that the sharp 2% drop over four sessions could spark a recovery, with 24,780 and 24,870 acting as resistance points. “Inability to float above 24,630 or clear 24,900 will signal that bears continue to have the upper hand,” he said.(Disclaimer: Recommendations and views on the stock market and other asset classes given by experts are their own. These opinions do not represent the views of The Times of India)
Business
White House says Trump has fired CDC Director Susan Monarez, will name replacement soon

Susan Monarez, President Donald Trump’s nominee to be the Director of the Centers for Disease Control and Prevention (CDC), arrives to testify for her confirmation hearing before the Senate Committee on Health, Education, Labor, and Pensions in the Dirksen Senate Office Building on June 25, 2025 in Washington, DC.
Kayla Bartkowski | Getty Images
The White House on Thursday said President Donald Trump has fired Centers for Disease Control and Prevention Director Susan Monarez after she refused to resign, and that a new replacement will be named soon.
“The president fired her, which he has every right to do,” White House press secretary Karoline Leavitt said during a briefing.
She said Trump has “the authority to fire those who are not aligned with his mission,” and that he or Health and Human Services Secretary Robert F. Kennedy Jr. will announce a new CDC director “very soon.”
In a statement, lawyers for Monarez said they were “not aware of anything new happening.”
Earlier Thursday, Monarez’s attorney Mark Zaid said Monarez would remain in the role because she is a presidential appointee and only Trump can fire her. Zaid said White House personnel had tried to fire her, not the president.
“Receiving an email from an HR staffer simply saying ‘you’re fired’ is insufficient as a matter of law to constitute the termination of a federal employee, especially one appointed by the president and confirmed by the Senate,” Zaid said.
He also said she “refused to rubber-stamp unscientific, reckless directives and fire dedicated health experts” and that “she chose protecting the public over serving a political agenda.”
“For that, she has been targeted,” he said.
Monarez and Kennedy were at odds over vaccine policy, The New York Times reported Wednesday, citing an anonymous administration official.
Kennedy, a prominent vaccine skeptic, has taken several steps to change immunization policy in the U.S.
Monarez was sworn in on July 31. A longtime federal government scientist, she is the first CDC director to be confirmed by the Senate following a new law passed during the pandemic that required lawmakers to approve nominees for the role.
Trump’s move to oust her is the latest in a leadership upheaval at the CDC.
At least four other top health officials announced Wednesday that they were quitting the agency shortly after HHS said Monarez was “no longer” the director of the CDC in a post on X.
In a Fox News interview Thursday morning, Kennedy declined to comment on “personnel issues.” But he said the agency “is in trouble, and we need to fix it, and we are fixing it, and it may be that some people should not be working there anymore.”
Kennedy said Trump has “very, very ambitious hopes for the CDC right now.” But he said the CDC “has problems,” claiming that the agency took the “wrong” approach when it came to social distancing, masking and school closures during the Covid pandemic.
“We need to look at the priorities of the agency, if there’s really a deeply, deeply embedded … malaise at the agency, and we need strong leadership that will go in there and that will be able to execute on President Trump’s broad ambitions for this agency, the gold standard science and to what it was when we were growing up, which was the most respected health agency in the world,” Kennedy said.
The leadership departures come at a tumultuous time for the agency, which is reeling from a gunman’s attack on the CDC’s Atlanta headquarters on Aug. 8. A police officer died in the shooting.
Correction: This article has been updated to reflect the correct day the White House said Trump fired Susan Monarez after she refused to resign, and to reflect the correct wording of Robert F. Kennedy Jr.’s last quote.
— CNBC’s Angelica Peebles contributed to this report.
Business
Best Buy reports modest sales recovery, but says tariffs are complicating its turnaround

Logo of Best Buy displayed outside a Best Buy store in Edmonton, Alberta, Canada, on March 22, 2025.
Artur Widak | Nurphoto | Getty Images
Best Buy surpassed Wall Street revenue and earnings expectations for its most recent quarter on Thursday, but stuck with its full-year forecast, citing tariff uncertainty.
On the company’s earnings call, CEO Corie Barry said the retailer is “increasingly confident about our plans for the back half of the year.” She said the company is “trending toward the higher end of our sales range.”
Yet she said, “given the uncertainty of potential tariff impacts in the back half, both on consumers overall as well as our business, we feel it is prudent to maintain the annual guidance we provided last quarter.”
The consumer electronics retailer said it expects revenue of $41.1 billion to $41.9 billion and adjusted earnings per share in a range of $6.15 to $6.30 for its full fiscal year 2026. In May, Best Buy had cut its full-year profit guidance from a prior range of $6.20 to $6.60.
The middle of Best Buy’s expected full-year revenue range would be roughly flat to its revenue of $41.53 billion in the previous year. Best Buy said it expects full-year comparable sales, a metric that tracks online sales and sales at stores open at least 14 months, to range between a 1% decline and a 1% increase.
Chief Financial Officer Matt Bilunas said the company’s full-year guidance reflects that some shoppers could hold off on purchases in the third quarter. He said the retailer could see a slowdown in the business in October “as people are waiting for those holiday deals to come.”
For Best Buy, back-to-school season is a crucial time as families and students come to the store for laptops, tablets and more. Barry said the company has seen “a strong customer response” to its sales events during the season.
“These results demonstrate an important aspect of our thesis: Our model really shines when there is innovation,” she said.
Shares of Best Buy were down about 4% in afternoon trading.
Here’s how the retailer did for the three-month period that ended August 2 compared with what Wall Street was expecting, according to a survey of analysts by LSEG:
- Earnings per share: $1.28 adjusted vs. $1.21 expected
- Revenue: $9.44 billion vs. $9.24 billion expected
Best Buy’s net income for the fiscal second quarter of 2026 fell to $186 million, or 87 cents per share, from $291 million, or $1.34 per share, in the year-ago quarter. Adjusting for one-time items, including restructuring charges, Best Buy reported earnings per share of $1.28.
Revenue increased from $9.29 billion in the year-ago quarter.
Best Buy has been navigating a challenging trifecta of factors. Customers have bought fewer kitchen appliances as they put off home purchases and projects because of higher interest rates. Some have hesitated to splurge on pricier items because of tariff-related uncertainty or held out on tech replacements as they wait for new or eye-catching items. The company’s annual sales have declined for the past three years.
To spur growth, Best Buy launched a third-party marketplace earlier this month to offer shoppers a wider selection of consumer electronics, accessories and more. On the marketplace, sellers who apply for the platform can list their own brands and items on Best Buy’s website and app.
The company already increased prices on some items because of tariff-related higher costs, Barry said on a mid-May call with reporters. She did not specify which items now cost more and described price increases as “the very last resort.”
Still, tariffs did not have a material impact on fiscal second-quarter financial results, Barry said on the company’s earnings call Thursday.
Shopping patterns
Barry said that shopping patterns at Best Buy have not changed from previous quarters. She said customers are “resilient, but deal-focused” and have been attracted to the company’s sales events like the one it held in July.
“In the current environment, customers continue to be thoughtful about big ticket purchases and are willing to spend on high price point products when they need to, or when there is technology innovation,” she said.
Best Buy’s comparable sales rose 1.6% in the fiscal second quarter compared to the year-ago period. That marked the company’s highest growth in three years, Barry said on the company’s earnings call.
In the U.S., comparable sales increased 1.1%, as customers bought mobile phones, video gaming equipment and items from its computing category. However, those sales trends were partially offset by weaker sales of appliances, home theaters, tablets and drones, the company said.
Investors have looked for signs that the replacement cycle is picking up about five years after consumers stocked up on laptops, kitchen appliances, computer screens and more during the Covid pandemic.
There were some indications of that rebound in Best Buy’s second quarter. Barry said the retailer’s computing category marked its sixth consecutive quarter of sales growth. It also recorded the highest number of second-quarter laptop unit sales in 15 years, she said.
Gaming in particular had stronger-than-expected sales in the quarter, thanks to the release of the Nintendo Switch 2, Barry said. The retailer capitalized on the highly anticipated launch by offering a way for customers to pre-order and opening stores at midnight when the gaming console dropped on June 5, so customers could line up and get it right away.
In the back half of the year, Barrie said Best Buy will try to rev up sales in slower categories like appliances and home theater by sharpening price points, adjusting the merchandise it sells and expanding the staffing devoted to them. The retailer has increasingly leaned on its vendor partners to staff stores, bringing in employees of Apple and Samsung for example, to support sales in different parts of its stores.
Barry said the retailer expects brands to ramp up those staffing contributions in the back half of the year.
Along with adding more dedicated brand experts to its stores, Best Buy has added new experiences to attract and engage customers. It’s testing mini-showrooms with Ikea that feature kitchen and laundry room appliances and merchandise from both retailers in 10 stores in Florida and Texas. It is also rolling out new experiences with Breville and SharkNinja to show off trendy coffeemakers, beauty items and more, Barry said. And it has areas in stores where shoppers can try out Ray-Ban and Oakley sunglasses with Meta AI technology.
For the Nintendo Switch 2 launch, Best Buy worked with Nintendo to double the space in stores ahead of the June launch. Nintendo also brought game trucks to select stores, physical trailers where customers could play with the new system and try out the latest videogames.
Best Buy’s fiscal second-quarter online sales in the U.S. rose 5.1% year over year and accounted for about a third of Best Buy’s total U.S. revenue in the quarter.
Business
IndiGo Gets Six-Month DGCA Extension To Operate Turkish-Leased Aircraft

Last Updated:
IndiGo welcomed the decision, citing operational stability and continuity amid ongoing global tensions.

A photo for IndiGo flight (PTI)
The Directorate General of Civil Aviation (DGCA) has extended the deadline to IndiGo to operate two leased Boeing 777 aircraft from Turkish Airlines. However, the extension has been granted with some conditions.
“We acknowledge the acceptance of IndiGo’s request for extension to its wet lease arrangement with Turkish Airlines, subject to conditions laid down by the regulator. This approval comes at a crucial time and will help mitigate losses to Indian aviation due to geopolitical restrictions, and greatly benefit Indian travellers during the peak travel season by ensuring a seamless, direct connection to Istanbul and points beyond,” the airline said in a statement.
According to PTI sources, DGCA has granted a six-month extension, allowing the continued operation of two Turkish Airlines aircraft under a wet/damp lease arrangement until February 28, 2026.
The wet lease arrangement involves the leasing of foreign aircraft, along with crew, maintenance and insurance. The extension has been given subject to certain conditions, including that IndiGo may consider getting these or other suitable aircraft on dry lease and operate the same on their AOC (Air Operator Certificate), the sources said.
Under dry lease, only the aircraft is leased. Beyond this extension, IndiGo may either operate the India-Turkey route with their own aircraft or any other wet/damp leased aircraft compliant with existing norms, they added.
IndiGo currently uses the Turkish-leased aircraft for direct flights between Delhi, Mumbai, and Istanbul.
In a statement issued Thursday, IndiGo welcomed the decision, citing operational stability and continuity amid ongoing global tensions.
“We are thankful to the authorities for accepting our request for extension. As always, we continue to be fully compliant with the relevant regulations and conditions of extension laid down by the authorities,” the airline said.
This development comes in the backdrop of strained diplomatic ties between India and Turkiye. In May, following Ankara’s support for Pakistan and its criticism of India’s anti-terror operations, India’s aviation security regulator BCAS revoked the security clearance of Celebi Airport Services India Pvt Ltd, a Turkish ground-handling company, citing national security concerns. In response, some travel portals and associations had even issued advisories urging Indian travellers to avoid visiting Turkiye.
(With PTI inputs)
The News Desk is a team of passionate editors and writers who break and analyse the most important events unfolding in India and abroad. From live updates to exclusive reports to in-depth explainers, the Desk d…Read More
The News Desk is a team of passionate editors and writers who break and analyse the most important events unfolding in India and abroad. From live updates to exclusive reports to in-depth explainers, the Desk d… Read More
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