The Indian headline indices- Sensex and Nifty ended lower on Tuesday amid US-China trade tensions after the world’s super economic power US threatened to impose tariffs on Chinese goods in a bid to get additional concessions in final trade agreement.
The Indian headline indices- Sensex and Nifty ended lower on Tuesday amid US-China trade tensions after the world’s super economic power US threatened to impose tariffs on Chinese goods in a bid to get additional concessions in final trade agreement. The Sensex lost more than 300 points to end at 38,276.63 points, Nifty settled lower than 11,500 mark, down 100.35 points from the last close.
Among the top losers were Jet Airways, Tata Motors and Zee Entertainment. While Zee ended lowe around 5% at Rs 369.20 on BSE, Jet Airways and Tata Motors lost around 4.4% and 5% respectively on the India’s leading exchange.
The banking stocks were also under heavy pressure and lost around 2 to 3 percent. The ICICI Bank lost around 4% in the trading session to finally end at Rs 386.25 on BSE. Among the top gainers on BSE were Wipro, Larsen & toubro, ONGC and Dr Reddy’s.
The markets have been volatile on account of ongoing uncertainties in the global financial markets due to the US threatening to impose tariffs on Chinese goods.
In an interaction with ET Now, Mark Matthews, Head of Investment Research, Julius Baer, said the stock markets may further fall if US and China don’t come to a trade agreement. If both the countries are unable to build the bridge, there can be no trade deal.
The markets were also down because of the selling by fopreign institutional investors. On Monday, while the FIIs sold around Rs 948.98 crore on a net basis, the net value domestic institutional investors was positive at Rs 89.98 crore. Selling in ETF was also one of the reasons, according to market experts.
The Indian headline indices Sensex and Nifty opened higher on Tuesday morning tracking Asian markets. Most of the sectoral indices were in the early morning trade session.