Equities continued to trend down amid a global selloff after US President Donald Trump imposed $60 billion tariffs on Chinese imports — a move that has fuelled fears of a global trade war.
At about 11 am, the Sensex was down 369.59 points or 1.12 per cent at 32,636.68. The gauge had lost 129.91 points in the previous session.
The NSE Nifty too continued to trade below the crucial 10,000 mark by diving 119.20 points or 1.18 per cent to 9,995.55.
Barring IT and Teck, all the BSE sectoral indices, led by metal, realty, banking and capital goods stocks, were trading in the red, falling up to 2.73 per cent.
Top laggards were Yes Bank, Tata Steel, Axis Bank, Bajaj Auto, ICICI Bank, SBI, and Hero MotoCorp, falling by up to 3.35 per cent.
Investor sentiment turned extremely bearish, in line with sharp losses on the Wall Street and Asian markets, on growing fears of a global trade war after Donald Trump imposed tariffs on Chinese imports and Beijing drawing up a list of retaliatory measures, brokers said.
Meanwhile, foreign portfolio investors (FPIs) continued selling on domestic bourses. On a net basis, they sold shares worth Rs 1,065.99 crore, while domestic institutional investors (DIIs) made purchases to the tune of Rs 1,127.78 crore on Friday, provisional data showed.
In Asia, Japan’s Nikkei fell 3.54 per cent, Hong Kong’s Hang Seng down 2.78 per cent in early deals. The Shanghai Composite index dropped by 3.06 per cent.
The US Dow Jones Industrial Average ended 2.93 per cent lower yesterday. — PTI
Bharat Dynamics shares listed at a discount of 13.55 per cent at Rs 370 against the IPO price of Rs 428. It fell as much as 15 per cent to 362 in early trade before recovering some of the losses.
The rupee depreciated by 8 paise to 65.19 against the US dollar in early trade today on sharp losses in global equity markets after US President Donald Trump imposed $60 billion of tariffs on Chinese imports.
The Sensex slumped 414 points or 1.25 per cent to 32,592.12 at about 9.45 am. The Nifty was down 136 points or 1.35 per cent at 9,978.60. All the Nifty constituents were in the red. Hindalco (-4.36%) was the top loser on the Nifty. It was followed by YES Bank, Tata Steel, ICICI Bank and Vedanta.
The Sensex 30 at about 9.45 am
ICICI Bank, HDFC Bank, RIL, HDFC weigh on Sensex.
Stocks tumble, bonds and yen gain as trade war fears drive rush to safety
The rumblings of a global trade war sent shivers through stock and currency markets on Friday after US President Donald Trump announced long-promised tariffs on Chinese goods and China retaliated with a pledge to fight to the end any such war.
MSCI’s broadest index of Asia-Pacific shares outside Japan fell 21 per cent as stocks across the region dropped. Shanghai shares were down 3.2 per cent.
ICICI Securities IPO
The ₹4,017-crore IPO of ICICI Securities was subscribed 0.29 times at the end of Thursday, the first day of the offering. The IPO of the domestic brokerage firm will close for subscription on March 26.
The Sensex and the Nifty fell on Friday in line with Asian markets as rumblings of a global trade war sent shivers through stock and currency markets after US President Donald Trump announced long-promised tariffs on Chinese goods and China retaliated with a pledge to fight to the end any such war.
The Sensex opened 355.38 points lower at 32,650.89 against Thursday’s close of 33,006.27. Similarly, the NSE Nifty fell 145.95 points to 9,968.80 against Thursday’s close of 10,114.75.
Day Trading Guide for March 23
Supports and resistances for Nifty 50 futures and seven key stocks that can help in your intra-day trading.
₹1868 • HDFC Bank
|1858||1845||1880||1890||Fresh short positions can be initiated with a stiff stop-loss if the stock fails to move beyond ₹1880 levels|
₹1158 • Infosys
|1150||1140||1170||1180||Consider initiating fresh long positions with a tight stop-loss only if the stock of Infosys climbs above ₹1170 levels|
Inox Wind (₹108.5)
The stock of Inox Wind has been in a long-term downtrend since encountering resistance at ₹480 in May 2015. Significant long-term resistance at ₹150 capped the stock’s rally in the months of December 2017 and January 2018. Overall, the short-term outlook is bearish for the stock.
NSE stock futures hit 5-1/2-month low
NSE stock futures listed on the Singapore Exchange dropped as much as 1.4 per cent to their lowest since October 11, 2017, indicating losses for the Indian stock markets. Global stock markets slid as investors rushed to safe havens such as govt bonds after US President Donald Trump signed a memorandum that could impose tariffs on up to $60 billion of imports from China, although the measures have a 30-day consultation period.
Investors fear that the US measures could escalate into a trade war, with potentially dire consequences for global economy
In retaliation against US tariffs on Chinese steel and aluminium products, China unveiled plans to impose tariffs on up to $3 bln of US imports.
MSCI’s broadest index of Asia-Pacific shares outside Japan was down 2.1 per cent, while S&P 500 e-mini futures slipped 0.62 per cent. — Reuters