The domestic market tumbled, extending its sharp fall from the previous session, as concerns over escalating tensions surrounding the US-China trade war continued to haunt investors. The barometer index, the S&P BSE Sensex, fell 509.04 points or 1.34% to 37,413.13, as per the provisional closing data. The Nifty 50 index fell 150.60 points or 1.32% to 11,287.50, as per the provisional closing data.
The market breadth, indicating the overall health of the market, was weak. On BSE, 884 shares rose and 1833 shares fell. A total of 150 shares were unchanged.
Power Grid Corporation of India (down 3.39%), Tata Steel (down 3.22%), Tata Motors (down 3.1%), Hero MotoCorp (down 3%), ITC (down 2.87%), ICICI Bank (down 2.01%), HDFC Bank (down 1.94%) and Reliance Industries (down 1.53%), were the major Sensex losers.
Drug maker Sun Pharmaceutical Industries fell 1.63%. The company said that one of its wholly-owned subsidiaries has agreed to acquire 18.75% stake in Israel-based Tarsius Pharma for $3 million. The company is an early-stage research and development company focusing on development of drug candidates in the field of ophthalmology. The announcement was made after trading hours yesterday, 10 September 2018.
Overseas, markets in Europe and Asia were trading lower as the spectre of a Sino-US trade war haunted investors. 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%.
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