India, Aug. 28 -- India's stock market is showing effects of the highest US tariffs on the world's fourth largest economy, with equity benchmarks trading in the red by midday. At 12:07 pm today, the S&P BSE Sensex was down 0.4% at 80,476.74 points while the broader Nifty 50 was 0.32% lower at 24,574 points.

According to analysts, markets are facing significant headwinds after the US implemented the extra 25% tariff on Indian goods over New Delhi's purchase of Russian oil, taking the total tariffs to 50%. That's set to impact India's exports worth $48 billion.

"This measure has already triggered a sharp selloff and is expected to maintain pressure on the market in the near-term," said Santosh Meena, head of research at Swastika Investmar...