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Sensex plummets 487 points to close below 38,000-mark as US-China trade tensions weigh on global investor sentiment

Mumbai: Domestic equity benchmarks extended their losing streak for the sixth straight session Wednesday, with the BSE Sensex plummeting 487 points and the Nifty cracking below the 11,400 mark as US-China trade tensions weighed on global investor sentiment.

The 30-share BSE index ended 487.50 points, or 1.27 percent, lower at 37,789.13. The index hit an intra-day low of 37,743.07 and a high of 38,248.57.

Similarly, the NSE Nifty sank 138.45 points, or 1,20 percent, to settle at 11,359.45. During the day, the bourse hit a low of 11,346.95 and a high of 11,479.10.

The Sensex was mainly dragged by Reliance Industries, HDFC, HDFC Bank, ICICI Bank and SBI, which lost up to 3.35 percent.

Bajaj Finance, Tata Motors, Bajaj Auto, Sun Pharma, NTPC, IndusInd Bank, Vedanta, M&M, Yes Bank and ONGC were among the other losers, shedding up to 3.22 per cent.

Only Asian Paints, HCL Tech and TCS ended in the green, rising up to 0.60 percent.

 Sensex plummets 487 points to close below 38,000-mark as US-China trade tensions weigh on global investor sentiment

Representational image. Reuters.

According to traders, domestic equities tracked weakness in global equities amid escalating trade tensions between the US and China.

Markets have been rattled ever since US President Donald Trump on Sunday threatened to hike tariffs on $200 billion worth of Chinese goods this week.

Energy and financial stocks came under selling pressure amid foreign fund outflows and subdued corporate earnings, experts said.

Foreign institutional investors (FIIs) sold shares worth Rs 645.08 crore on Tuesday, while domestic institutional investors (DIIs) purchased equities to the tune of Rs 818.84 crore, provisional data available with stock exchanges showed.

Other Asian bourses ended significantly lower, with Shanghai Composite Index falling 1.12 percent, Hang Seng 1.23 percent, Nikkei 1.46 percent and Kospi 0.41 percent.

European stocks were trading on a mixed note in early trade.

The Indian rupee depreciated 19 paise to 69.59 against the US dollar intra-day.

Global benchmark Brent crude was trading 0.41 percent lower at $69.59 per barrel.

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Updated Date: May 08, 2019 16:04:34 IST