Overseas, Asian market were in broadly negative territory on Tuesday. US stocks closed mostly higher Monday, with the S&P 500 and the Nasdaq each snapping a four-day losing streak on the back of a recovery in technology shares.
Trade also remains another focal point for markets, with Canada and the US yet to secure a deal that would replace the North American Free Trade Agreement. Trump announced last Friday that he was ready to slap tariffs on an additional $267 billion of Chinese imports, on top of the $200 billion already in the administration's sights.
On the data front, consumer borrowing picked up in July, according to the Federal Reserve on Monday. Total consumer credit rose $16.6 billion in July to a seasonally adjusted $3.91 trillion. That's an annual growth rate of 5.1%.
Closer home, foreign portfolio investors (FPIs) sold shares worth a net Rs 841.68 crore yesterday, 10 September 2018, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) sold shares worth a net Rs 289.66 crore yesterday, 10 September 2018, as per provisional data.
Domestic stocks dropped sharply yesterday, 10 September 2018, tracking negative global cues as fears of a potentially major escalation in the Sino-US trade conflict weighed on investor sentiment, while the rupee depreciated to a fresh low, bolstering inflation concerns. The barometer index, the S&P BSE Sensex, lost 467.65 points or 1.22% to settle at 37,922.17. The Nifty 50 index lost 151 points or 1.30% to settle at 11,438.10. The Sensex ended below the psychologically important 38,000 mark after moving above and below that level in intraday trade.
Powered by Capital Market - Live News
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)