The S&P 500 sold off sharply on Tuesday to close below 5,000 points for the first time in almost a year after it reversed a strong morning rally, while investor hopes faded for any imminent U.S. delays or concessions on tariffs ahead of a midnight deadline.

UK stocks fell sharply after the worldwide tariffs f the US came into effect, which includes a 10% charge on UK goods and a new 104% rate on some Chinese import

The RBI’s Monetary Policy outcome was inline with consensus estimates and a 25 bps rate cut should augur well both for the financial system and the economy, said one expert.