Nifty below 10,000, Sensex slips 400 pts on US-China trade war fears
Benchmark indices slipped sharply in pre-opening trade, following global weakness after US-China trade war concerns.
The Nifty fell below 10,000 levels for the first time since October 12, 2017.
The 30-share BSE Sensex was down 291.80 points at 32,714.47 and the 50-share NSE Nifty fell 149.90 points or 1.48 percent to 9,964.90.
ICICI Bank, HDFC Bank, Reliance Industries, Vedanta, HDFC, Axis Bank, L&T, SBI, Tata Motors and Yes Bank slipped up to 3 percent while GAIL was the only gainer among Nifty50 stocks.
The market has recovered a bit from day's low and bulls are trying hard to defend 10,000 level.
The US has rolled back some tariffs on other countries which is a positive and measures announced By Donald Trump are less aggressive than what we feared, said Chetan Ahya, Co-Head of Global Economics & Chief Asia Economist at Morgan Stanley in an interview to CNBC-TV18.
He believes this is going to have moderate impact on trade & growth. Previous experiences indicate impact of global trade war is not severe, he believes.
Tata Steel is identified as the successful resolution applicant for acquisition of Bhushan Steel.
The steel maker accepts letter of intent for Bhushan Steel under Corporate Insolvency Resolution Process and Insolvency & Bankruptcy Code.
The rupee depreciated by 3 paise to 65.14 against the US dollar on sharp losses in global equity markets after US President Donald Trump imposed USD 60 billion of tariffs on Chinese imports.
Trump yesterday directed the US trade representative to level tariffs on about USD 60 billion worth of Chinese imports after a seven-month investigation into the intellectual property theft, which has been a longstanding point of contention in US-China trade relations.
Yesterday, the rupee had ended 10 paise higher to close at 65.11 against the US currency on foreign fund inflows after the US Federal Reserve stuck to its outlook of three rate hikes this year.
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