President Donald Trump announced the United States would sign a $3 billion defence deal with India on Tuesday. Equity market benchmarks Sensex and Nifty extended losses in the afternoon session, logging the second-worst single-day fall of this year as the spread of Coronavirus infections outside China roiled global markets. The board of Bharti Infratel extended the deadline for the conclusion of the company's merger with Indus Towers to April 24. Read for more top stories from the world of business and economy:
India-US defence deal: As we continue to build our defence cooperation, the US looks forward to providing India with some of the best & most feared military equipment on the planet, said Donald Trump.
BSE 30-share S&P Sensex ended 806 points lower at 40,363 and NSE 50-share index Nifty50 closed 242 points lower at 11,838.
Spike in new coronavirus cases in China and elsewhere sent investors scrambling for safer assets such as gold and government bonds, traders said.
Speaking on the issue of terrorism in Pakistan, US President Trump said his administration is working with Islamabad to crack down on terror groups operating from that country's borders.
This is Bharti Infratel's third deadline extension for the merger with Indus Towers despite the government's approval for FDI enhancement last Friday.