Indian equities, represented by the BSE Sensex and NSE Nifty, experienced a sharp decline on Tuesday as investors reacted to the looming imposition of steep U.S. tariffs. The Sensex dropped by 1.04%, while the Nifty declined by 1.02%. The immediate cause of the dip was a draft notice from the U.S. proposing tariffs of up to 50% on Indian goods, which shook investor confidence. The article also notes that the Indian rupee depreciated by 12 paise against the U.S. dollar, closing at 87.68.