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MARKET WRAP: Sensex slips 262 points as US-China trade war fears escalate

Among sectoral indices, the Nifty Metal index hit an over 8 month low earlier today led by a sharp fall in the shares of SAIL, Jindal Stainless (Hisar) and NMDC. It eventually settled over 1.5% lower.

SI Reporter  |  New Delhi 

Photo: Shutterstock
Photo: Shutterstock

Nifty Metal index ends 1.57% lower. Top losers: COMPANY LATEST PREV CLOSE LOSS() LOSS(%) S A I L 82.85 86.95 -4.10 -4.72 JINDAL STAIN .HI 156.00 162.70 -6.70 -4.12 NMDC 107.90 112.05 -4.15 -3.70 VEDANTA 224.05 232.20 -8.15 -3.51 JINDAL STEEL 222.25 229.55 -7.30 -3.18 Nifty Realty index ends 2% lower. Top losers: COMPANY LATEST PREV CLOSE LOSS() LOSS(%) GODREJ PROPERT. 732.80 758.65 -25.85 -3.41 INDBULL.REALEST. 165.00 170.25 -5.25 -3.08 H D I L 22.00 22.65 -0.65 -2.87 PHOENIX MILLS 629.70 647.70 -18.00 -2.78 BRIGADE ENTERPR. 235.10 241.40 -6.30 -2.61 Sectoral gainers and losers of the day BSE Sensex: ITC top gainer of the day, Vedanta, Sun Pharma, infosys among top losers Market at close   The S&P BSE Sensex ended at 35,287, down 262 points while the broader Nifty50 index settled at 10,710, down 89 points. Nifty Metal index hits over 8-month low; Vedanta, NMDC slip nearly 4% Shares of metal companies were under pressure with the Nifty Metal index hitting an over eight month low on the National Stock Exchange (NSE). Vedanta, Jindal Steel & Power, Hindalco Industries, Steel Authority of India (SAIL), NMDC and Hindustan Copper were trading 2% to 4% lower on the NSE. READ MORE

The benchmark indices ended lower on Tuesday tracking negative cues from their global peers.

The S&P BSE Sensex ended at 35,287, down 262 points while the broader Nifty50 index settled at 10,710, down 89 points.

Among sectoral indices, the Nifty Metal index hit an over eight month low earlier today led by a sharp fall in the shares of SAIL, Jindal Stainless (Hisar) and NMDC. It eventually settled over 1.5% lower. Nifty Realty index also fell nearly 2% today.

Trump warned on Monday that Washington would impose a 10 per cent tariff on $200 billion of Chinese goods after Beijing’s decision to raise tariffs on $50 billion in US goods. Trump said if China increases its tariffs again in response to the latest US move, “we will meet that action by pursuing additional tariffs on another $200 billion of goods.”

The retaliatory moves come after Trump said last week he was pushing ahead with tariffs on $50 billion of Chinese imports.

The trade frictions have kept financial markets on edge, with investors increasingly worried that a full-blown trade conflict could derail global growth.  

Globally, MSCI’s broadest index of Asia-Pacific shares outside Japan lost 1.2 per cent to its lowest since early February, dragged down by a slide in Chinese shares.

The Shanghai Composite Index dropped 4 per cent and plumbed its lowest since July 2016 and Hong Kong's Hang Seng shed nearly 3 per cent.

Japan's Nikkei lost 1.4 per cent, South Korea's KOSPI retreated 0.9 per cent while Australian stocks bucked the trend and added 0.2 per cent helped by a depreciating currency and an overnight bounce in commodity prices.

(With inputs from Reuters)

First Published: Tue, June 19 2018. 08:00 IST
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MARKET WRAP: Sensex slips 262 points as US-China trade war fears escalate

Among sectoral indices, the Nifty Metal index hit an over 8 month low earlier today led by a sharp fall in the shares of SAIL, Jindal Stainless (Hisar) and NMDC. It eventually settled over 1.5% lower.

The benchmark indices ended lower on Tuesday tracking negative cues from their global peers.

The S&P BSE Sensex ended at 35,287, down 262 points while the broader Nifty50 index settled at 10,710, down 89 points.

Among sectoral indices, the Nifty Metal index hit an over eight month low earlier today led by a sharp fall in the shares of SAIL, Jindal Stainless (Hisar) and NMDC. It eventually settled over 1.5% lower. Nifty Realty index also fell nearly 2% today.

Trump warned on Monday that Washington would impose a 10 per cent tariff on $200 billion of Chinese goods after Beijing’s decision to raise tariffs on $50 billion in US goods. Trump said if China increases its tariffs again in response to the latest US move, “we will meet that action by pursuing additional tariffs on another $200 billion of goods.”

The retaliatory moves come after Trump said last week he was pushing ahead with tariffs on $50 billion of Chinese imports.

The trade frictions have kept financial markets on edge, with investors increasingly worried that a full-blown trade conflict could derail global growth.  

Globally, MSCI’s broadest index of Asia-Pacific shares outside Japan lost 1.2 per cent to its lowest since early February, dragged down by a slide in Chinese shares.

The Shanghai Composite Index dropped 4 per cent and plumbed its lowest since July 2016 and Hong Kong's Hang Seng shed nearly 3 per cent.

Japan's Nikkei lost 1.4 per cent, South Korea's KOSPI retreated 0.9 per cent while Australian stocks bucked the trend and added 0.2 per cent helped by a depreciating currency and an overnight bounce in commodity prices.

(With inputs from Reuters)

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