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Sensex tanks over 100 points, Nifty50 down 40 points on rising US-China trade war concerns

Amid escalating trade war worries between two biggest global economies, Indian stock markets opened on a lower note on Tuesday.

Finolex Industries, EBITDA, Finolex Cables
Indian stock markets on Monday.

Amid escalating trade war worries between two biggest global economies, Indian stock markets opened on a lower note on Tuesday, with the BSE Sensex diving over 100 points and the Nifty50 of the National Stock Exchange slipping almost 40 points in early trade. Almost all the sectoral indices on the BSE traded in the red, led by oil and gas, consumer durables, auto and metal sectors. Out of 1,222  trading companies on the BSE, 745 declined as compared to 430 advances indicating a bearish trend in the market.

The BSE Sensex tanked 103.64 points to a low of 35,444.62 points, while the NSE Nifty50 gave up 39.55 points to hit a low of 10,760.30 points during the early morning trade on Tuesday. Shares of Vedanta tanked over 1 per cent on the BSE, followed by  Hindustan Unilever, Infosys, Bajaj Auto, Wipro, Coal India, and NTPC. Bharti Airtel, Tata Steel, ONGC, Tata Motors and HDFC Bank led the pack of gainers. The NSE Bank Nifty edged lower by 0.17 per cent.

On Tuesday, Asian stocks slipped to a four-month low on Tuesday as U.S. President Donald Trump threatened new tariffs on Chinese goods in an escalating tit-for-tat trade war between the world’s two biggest economies that has rattled financial markets, Reuters reported. The Shanghai Composite Index, Hong Kong’s Hang Seng and Japan’s Nikkei fell. South Korea’s KOSPI retreated 0.85 per cent while Australian stocks added 0.3 per cent.

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First published on: 19-06-2018 at 09:39 IST
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