Share Market Update: Sensex tanks over 360 points, Nifty below 11,600; Infosys, Tata Steel, RIL top losers

BSE Sensex and Nifty 50 closed on a lower note with global sell-offs amid renewed fears that trade negotiations between the US and China are on the verge of collapse.

Of 30 Sensex stocks, 26 were trading in the red. (Image: File Photo/ Getty)

Sensex and Nifty closed on a lower note on Monday with global sell-offs

Sensex closed 0.93 per cent or 362 points lower at 38,600

Nifty too lost 0.97 per cent or 114 points to 11,598

Share Market Update: Domestic benchmark indices BSE Sensex and Nifty 50 closed on a lower note on Monday with global sell-offs amid renewed fears that trade negotiations between the US and China are on the verge of collapse. According to the market report, Sensex closed 0.93 per cent or 362 points lower at 38,600 and Nifty too lost 0.97 per cent or 114 points to 11,598. In a sign of derailment of trade talks between the two global economic powers the US and China, US President Donald Trump on Sunday threatened to hike tariffs on USD 200 billion worth of Chinese goods. After plunging 453 points intra-day, the BSE Sensex settled 362.92 points, or 0.93 per cent, lower at 38,600.34. The broader NSE Nifty closed 114 points, or 0.97 per cent, down at 11,598.25. In the Sensex pack, Yes Bank, Tata Motors, Bajaj Finance, Tata Steel, HDFC twins, IndusInd Bank, RIL, Asian Paints, Hero MotoCorp, Axis Bank, M&M, HUL, Bajaj Auto, NTPC, HCL Tech, Kotak Bank and Infosys fell up to 5.30 per cent. Of 30 Sensex stocks, 26 were trading in the red. Bucking the negative market trend, ITC, TCS, Bharti Airtel and ONGC ended in the green. According to traders, the domestic market turned jittery after Trump's surprise move spooked global investors. In a tweet on Sunday, Trump said he would raise import taxes on USD 200 billion in Chinese products to 25 per cent from 10 per cent on Friday. Despite Trump's announcement, China's top trade envoy is preparing to travel to the US to resume talks on Wednesday. Meanwhile, foreign institutional investors (FIIs) sold equity worth Rs 400.68 crore on Friday, while domestic institutional investors (DIIs) purchased shares to the tune of Rs 57.07 crore, provisional data available with stock exchanges showed. The rupee depreciated 19 paise to 69.41 against the US dollar intra-day. Global benchmark Brent crude was trading 0.92 per cent lower at USD 70.20 per barrel. Both the indices Sensex and Nifty suffered losses after falling nearly 1 per cent each in early trade.

Published at : 06 May 2019 05:45 PM (IST)

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