- Banking, metal and energy stocks led the decline
- Among banking stocks, SBI and ICICI Bank fell sharply
- Global markets were weak after White House economic adviser resigned
Fears of a global trade war has roiled equities in past few sessions after US President Donald Trump pledged to impose hefty tariffs on steel and aluminium imports.
"Key indexes have been on a downtrend. Weakness is seen across all sectors and global trends are adding to it. It is difficult to predict where Nifty will take support so we would advise investors to stick to the sidelines for now." said Sudhakar Pattabiraman, head of research operations at William O'Neil's MarketSmith.
Energy, metal, and healthcare were the other sectors that were under strong selling pressure. Among other market heavyweights, Reliance Industries and ONGC fell over 2 per cent. Broader markets also came under strong selling pressure with BSE midcap and smallcap indices falling 1.3 per cent and 2.1 per cent respectively.
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