Sensex Tumbles 351 Points On Trade-war Worries; Nifty Dips Below 10150

Eileen GuzmanApr 07, 2018

In retaliation to the USA announcing a proposed list of products imported from China that could be subject to additional tariffs of 25 per cent amounting to Dollars 50 billion, China on Wednesday too issued new tariffs (implementation date to be declared later) on $50 billion list of United States goods, ranging from soybeans to aircraft, media reports said.

The barometer 30-scrip Sensitive index (Sensex) of the BSE shed nearly 500 points from its day's high at 33,505.53 points to provisionally close the day's trade at 33,019.07 points. This is the benchmark's biggest fall since March 23, when it had lost 409.73 points.

At day's low Sensex fell as much as 390 points to 32,972.56 before settling at 33,019.07, down 351.56 points or 1.05 per cent.

Biggest losers in the 30-share index were Tata Steel (3.29%), Axis Bank (2.61%), Larsen & Toubro (2.52%), Kotak Mahindra Bank (2.25%), NTPC (1.86%), and Bharti Airtel (1.78%). On the NSE, it closed at ₹90.10, only a tad higher than its issue price of ₹90. Yesterday, the equity indices closed with appreciable gains, led by gains in banking, auto, PSU and power stocks despite weak global cues.

Key Indian equity indices tumbled during the late-afternoon session on Wednesday to provisionally close on a lower note after further trade protectionist measures were imposed on each other by two major global economies. The selling was broad-based with the small- and mid-cap universe underperforming the large-caps. Market breadth was negative with 1,190 stocks closing higher against 1,444 stocks ending in the red.

For now, investors were hoping for the best and MSCI's broadest index of Asia-Pacific shares outside Japan inched up 0.1 per cent. Japan's Nikkei added 0.4 per cent and South Korea 0.2 per cent.

Fresh concerns over a trade war between the US and China pushed world markets in a tailspin on Wednesday with the Indian benchmark indices shedding more than 1% each even after opening on a strong note. The Dow Jones Industrial Average soared 389 points to close at 24, 033, the Nasdaq gained 71 points to finish at 6,941 and the S&P 500 surged 33 points to end at 2,614.

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