Both domestic benchmark indices sank over 1.3% each and the rupee fell below 72-a-dollar mark again on Monday as most Asian markets declined after reports that the United States may announce new tariffs on Chinese imports. The tariff war between the two countries has consistently affected global stock markets in the last few months.

The BSE Sensex closed 505.13 points lower since Friday’s close, at 37,585.51 points. The National Stock Exchange’s Nifty 50 was down 137.45 points at 11,377.75. The rupee closed at 72.51 against the dollar, down 0.90% from its previous close of 71.86. The currency opened at 72.49 a dollar and touched a low of 72.69.

The decline in India’s stock markets and currency came despite the government’s measures on the weekend to step the depreciation. After a meeting on Friday, the government had decided to relax norms for overseas borrowing and impose restrictions on non-essential imports. On Saturday too, the government reiterated its confidence in keeping the fiscal deficit this year within the budgeted limit.

Power Grid Corporation,TCS and Tech Mahindra were the top gainers on Sensex while Sun Pharmaceuticals, HDFC, Tata Motors and Bajaj Finance were the top losers.

On the Nifty 50, Bharat Petroleum Corporation Limited, Tech Mahindra, IndianOil Corporation, and Power Grid Corporation of India were among the top gainers. The stocks that lost the most were Bajaj Finance, Titan, Infratel and Sun Pharmaceuticals.