S&P BSE Sensex and NSE Nifty 50 Indexes came off intraday low levels but continue to trade with a negative bias as US-China trade concerns resurfaced after US President Donald Trump unexpectedly jacked up pressure on China to reach a trade deal in the midst of negotiations, saying he would hike US tariffs on Chinese goods this week. In domestic markets weakness in HDFC, HDFC Bank, Reliance Industries, Hindustan Unilever, Infosys and ICICI Bank weighed on the benchmarks. Earlier in the day, Sensex fell as much as 453 points and Nifty 50 Index fell below crucial psychological level of 11,600 to touch low of 11,585.
As of 11:50 am, the Sensex traded 0.8 per cent or 305 points lower at 38,662 and the NSE Nifty 50 index dropped 0.8 per cent or 95 points to 11,617.
Fifteen of 19 sector gauges compiled by BSE were trading lower led by the S&P BSE Metal Index's 1.9 per cent decline. Consumer Durables, Auto, Finance, Basic Materials, Consumer Discretionary Goods & Services, Bankex and Realty sector gauges also fell between 0.8 and 1.6 per cent each.
On the other hand, S&P BSE Oil & Gas Index was top gainer, up 0.4 per cent.
Selling pressure was broad-based as the S&P BSE midCap Index fell 0.54 per cent and the S&P BSE SmallCap Index declined 0.41 per cent.
In the Nifty 50 basket of shares, 40 were trading lower while 8 were trading higher.
Tata Motors, Titan, JSW Steel, Yes Bank, UPL, Zee Entertainment, Hindalco, HDFC, Hindustan Unilever and Indiabulls Housing Finance were among the losers.
On the flipside, BPCL, Bharti Airtel, Tata Consultancy Services, Indian Oil, Tech Mahindra and Wipro were among the gainers.
The overall market breadth was negative as 1,430 shares were declining while 703 were advancing on the BSE.
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