Sensex plunges 295 points, Nifty ends below 11,300-mark as US-China trade war intensifies; rupee woes worsen
BSE benchmark Sensex on Tuesday tumbled by about 295 points to close at an over one-month low of 37,290.67 due to hectic selling in realty, PSU, power and banking counters amid flaring up of trade tariff tensions between the US and China and weakness in the rupee
Mumbai: The BSE benchmark Sensex on Tuesday tumbled by about 295 points to close at an over one-month low of 37,290.67 due to hectic selling in realty, PSU, power and banking counters amid flaring up of trade tariff tensions between the US and China and weakness in the rupee.
The broader Nifty also cracked below the 11,300-mark.
The domestic currency after remaining range-bound was quoting lower by 27 paise at 72.78 (intra-day) against the US dollar in late afternoon trade.
Market sentiments were further dampened after US President Donald Trump on Monday announced imposition of new tariffs on an additional $200 billion worth of imports from China, escalating the trade war with the Asian giant.
Alleging that China has been unwilling to change its unfair trade practices, Trump said the new additional tariff structure would be effective 24 September from when it would be at 10 percent until the year end, but would increase to 25 percent level from 1 January.
The 30-share Sensex opened on a somewhat better note at 37,660.19 and advanced to touch a high of 37,745.44 but turned choppy and hit a low of 37,242.85 as selling pressure gathered momentum towards the fag-end, before settling 294.84 points, or 0.78 percent, down at 37,290.67.
This is the lowest closing since 2 August when it had settled at 37,165.16.
It had lost 505.13 points on Monday as rupee woes and trade war worries spooked investors despite the government announcing measures to stem a steep fall in the domestic currency.
Also, the 50-share NSE Nifty plunged 98.65 points, or 0.87 percent, to end at 11,278.90. During the session, it moved between 11,411.45 and 11,268.95.
Domestic institutional investors (DIIs) sold shares worth Rs 180.36 crore, while foreign portfolio investors (FPIs) also offloaded shares to the tune of Rs 106.54 crore Monday, provisional data showed.
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At the clsoing bell, the BSE Sensex was up 209.36 points or 0.40 percent at 52,653.07 while the NSE Nifty50 gained 69.05 points or 0.44 percent to close at 15,778.45
Market Roundup: Sensex, Nifty skid for third day as bank stocks tumble; today's top gainers and losers
After plummeting over 700 points in intra-day trade, the 30-share BSE Sensex clawed back some lost ground to end 135.05 points lower at 52,443.71, while the NSE Nifty slipped 37.05 points to close at 15,709.40
Tata Steel, Bajaj Finserv and SBI were among the top gainers at both the BSE Sensex and NSE Nifty50 whereas Dr Reddy and Axis Bank were among the top losers in both the indices