Indian markets loses over global trade wars

Global trade war worries drag Sensex down by 400 points Nifty below 10,000

Global trade war worries drag Sensex down by 400 points Nifty below 10,000

The Sensex and Nifty crashed in opening trade amid rout in global markets over fears of revival of trade wars after US President Donald Trump announced $60 billion of tariffs on Chinese imports. The Nifty fell below 10,000 level for the first time since October 12, 2017.

The 30 share index Sensex was trading at 388.34 points lower to be at 32617.93.

At the BSE, 2,149 stocks declined, while 558 advanced and 154 remained unchanged.

According to market observers, selling pressure was observed across all sectors led by banking, metals, automobile, capital goods and healthcare stocks.

The broader Nifty of the National Stock Exchange (NSE) lost 116.70 points or 1.15% to close at 9,998.05. The level was last seen on October 11 past year, when it had closed at 9,984.80.

In Asian region, Japan's Nikkei lost 4.51%, Hong Kong's Hang Seng fell 2.45%, while Shanghai Composite Index shed 3.39%. The overnight Dow Jones was also down 724 points or almost 3%.

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Dalal Street on Friday was spooked by fears of an escalating global trade war after US President Donald Trump imposed tariffs on the import of Chinese goods.

"This trade war is expected to trigger a slowdown in industrial investments and also in output".

Also, the fact that US Federal Reserve hiked its interest rates by another 25bps this week weighed on sentiment, especially hitting emerging markets hard as they are known to be the chief casualty of any rate hikes in the US.

United States stocks slumped on Thursday as President Donald Trump's move to impose tariffs on up to $60 billion of Chinese imports drove fears about the impact on the global economy, fueling the biggest percentage declines in Wall Street's three major indexes since they entered correction territory six weeks ago, Reuters said in a report.

Top laggards were Yes Bank, Tata Steel, ICICI Bank, SBI, Bajaj Auto, Axis Bank, Tata Motors, Hero MotoCorp and L&T, falling by up to 3.08 percent. "9,700 could be a key support to avert a major crash and 10,300 in the Nifty may halt an upward run". Traders have no option but to stay with the trend and use bounce to create fresh shorts.

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