India's BSE Sensex extended early losses to close about 1% lower at 80,786.5 on Tuesday, its lowest in over a week, reversing yesterday's advance. A broad sell-off, led by pharma, metal, and financial stocks, followed the US government's announcement of tariffs of up to 50% on Indian goods starting Wednesday. There is no indication that the US and India are currently engaged in active trade talks. The Trump administration stated it imposed a 50% tariff on India as a means to pressure Russia to end its war in Ukraine and return to negotiations. Meanwhile, market sentiment was tempered by optimism around proposed GST reforms and expectations of robust Q2 GDP growth.