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Sensex, Nifty Clock Worst Day In Two Weeks On US-China Trade Concerns

Indian equity benchmarks registered their worst day in two weeks on the back of sell off in other Asian markets as US-China trade concerns resurfaced.

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Sensex, Nifty Clock Worst Day In Two Weeks On US-China Trade Concerns

US President Donald Trump threatened to raise tariffs on China, triggering a global rout in risky assets.


Indian equity benchmarks registered their worst day in two weeks on the back of sell off in other Asian markets as US-China trade concerns resurfaced. The US President Donald Trump threatened to raise tariffs on China, triggering a global rout in risky assets. The Sensex and Nifty extended declines to the fourth day with today's loss making session. HDFC Bank, Reliance Industries, HDFC, Infosys and Bajaj Finance were among the top drags on the Sensex.

The Sensex fell 0.93 per cent or 363 points to 38,600 and the NSE Nifty 50 Index plunged 114 points or 0.97 per cent to close at 11,598.

Chinese investors, caught off guard by US President Donald Trump's tariff threats, dumped stocks and sold the yuan currency on Monday as a fresh deterioration in Sino-US trade tensions roiled Asian financial markets.

The country's major stock indexes fell the most in more than three years. The blue-chip CSI300 index and the Shanghai Composite Index both tumbled more than 5 per cent, posting their steepest single-day drop since February 2016. Around 1,000 mainland firms plummet the maximum allowed 10 per cent daily limit.

Back home, seventeen of 19 sector gauges compiled by BSE ended lower with the S&P BSE Consumer Durables Index's 2.8 per cent decline. Metal, Capital Goods, Bankex, Auto, Industrials, Finance, Consumer Discretionary Goods & Services and Basic Materials Indexes also fell between 1 and 2 per cent each.

On the other hand, S&P BSE Telecom Index was top gainer, up 0.5 per cent.

Selling pressure was broad-based as the S&P BSE MidCap Index fell 0.8 per cent and the S&P BSE SmallCap Index declined 0.85 per cent.

In the Nifty 50 basket of shares, Zee Entertainment was top loser, down 6.42 per cent at Rs 385. Titan, Yes Bank, Tata Motors, JSW Steel, Indiabulls Housing Finance, Hindalco, Bajaj Finance and UPL were among the top losers.

On the flipside, Bharat Petroleum, Tata Consultancy Services, Bajaj Finserv, Dr Reddy's Labs, Bharti Airtel and Tech Mahindra were among the gainers.

The overall market breadth was extremely bearish as 1,593 shares ended lower while 871 closed higher on the BSE.



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