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February 23 2020
Sensex slumps 1% as trade war fears drag global stocks lower
03 August 2018

Worries about a less than normal monsoon also weighed on investor sentiment

Benchmark equity indices suffered their first significant drop in over a month as fresh concerns about a U.S.-China trade war weighed on global markets. Worries about a shortfall in monsoon rains also dampened investor sentiment.

The 30-share Sensex fell 356.46 points, or 0.95%, to 37,165.16 while the NSE Nifty lost 101.50 points or 0.89% to close at 11,244.70.

‘Volatile outlook’

“The overall outlook for the markets remains volatile in the short term due to the looming trade and currency wars between the western countries and China and a poor monsoon forecast by Skymet,” said Hemang Jani, Head - Advisory, Sharekhan by BNP Paribas.

The U.S. is mulling raising proposed tariffs to 25%, from 10%, on goods worth $200 billion from China.

Hong Kong’s Hang Seng and Japan’s Nikkei shed 626 points and 234 points respectively. Indices in South Korea, Indonesia and Taiwan also ended in the red, while European markets opened weak on Thursday.

On the BSE, 20 of the 30 stocks on the Sensex ended in the red with Bharti Airtel, Kotak Mahindra Bank, Maruti Suzuki India, Reliance Industries and HDFC retreating between 2.8.-1.9% each.

Many of the side counters, however, bucked the weak trend leading to a fairly balanced market breadth. On the BSE, declines at 1,341 just about outnumbered the gainers at 1,328.

 

 

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