Nifty drops 59 pts on negative global cues

The NSE Nifty slipped by 59 points to 10,762.45 on emergence of selling mainly in PSU banks, auto and infra counters amid ongoing concerns with regard to US-China trade war.

Besides, weaker rupee and fresh selloffs by foreign funds also hit sentiments.

Globally, European and Asian shares too remained under pressure due to escalating trade tensions with the Trump administration mulling curbs on Chinese investment in the US.

The Nifty 50 index fell by 59.40 points, or 0.55 per cent, to close at 10,762.45. It hovered between 10,831.05 and 10,753.05 during the session.

It saw an intra-day movement of about 78.00 points.

Sector-wise, PSU banks dropped 2.09 per cent, auto 1.61 per cent, infra 1.52 per cent, realty 1.49 per cent, media 1.36 per cent, energy 1.23 per cent, metals 0.99 per cent, pharma 0.79 per cent, private banks 0.66 per cent, financial service 0.66 per cent, banks 0.59 per cent and FMCG 0.47 per cent