Indian benchmark indices ended 1.3 percent lower on Monday, dented by losses across sectors, after the country slapped higher tariffs on certain US products. Asian shares were also down as investors turned cautious ahead of a closely-watched Federal Reserve meeting, while political tensions in the Middle East and Hong Kong kept risk appetite in check.

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India, the largest importer of US almonds, imposed higher retaliatory tariffs on 28 US products including almonds, apples and walnuts from Sunday. Total trade between the two countries stood at around $142.1 billion in 2018. Higher Indian tariffs on US goods could impact growing political and security ties between the two nations.

The Sensex ended 491 points lower at 38,961, while the broader Nifty50 index lost 151 points to end at 11,672. Broader markets were in-line with the benchmark indices with the Nifty Midcap and the Nifty Smallcap indices falling 1.2 percent and 1.6 percent, respectively.

YES Bank, Zee, Wipro, and Coal India were among the top gainers on the Nifty50, whereas Tata Steel, JSW Steel, Tata Motors, Indiabulls Housing, and ONGC led the losses.

All sectoral indices ended the day in the red. The Nifty Metal index was the worst performing sector, down 2.9 percent followed by Nifty Auto, down 1.7 percent, Nifty PSU Bank, down 1.6 percent and Nifty Pharma, down 1.3 percent for the day. Nifty Fin Service, Nifty Bank, Nifty Realty and Nifty Media also fell around 1 percent for the day.

Nifty Energy index fell 2 percent as crude oil prices rose after tensions mounted following attacks on tankers last week. Among the laggards, HPCL fell 4 percent followed by ONGC, down 3.2 percent and IOC, down 2.9 percent.

Nifty Metal slipped 2.9 percent dragged mainly by JSPL, Tata Steel, SAIL, and JSW Steel falling in the range of 3.7-5.8 percent.

Jet Airways fell 19 percent, extending losses for the eighth straight session after the PMO called for a review on the debt-laden airline.

Shriram Transport Finance shares fell over 6 percent on Monday after Piramal Enterprises sold its entire stake in the company.

Globally, MSCI’s broadest index of Asia-Pacific shares outside Japan was little changed by early afternoon, after opening slightly weaker. Japan’s Nikkei average also closed flat. Asian markets got a quick boost after Hong Kong’s Hang Seng Index jumped as much as 1.4 percent. At the weekend, the territory’s leader Carrie Lam climbed down on a bill that would have allowed extradition to China.

First Published:Jun 17, 2019 4:10 PM IST