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2-min read

Sensex Crashes 363 Points as US-China Trade Tensions Re-emerge

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.

PTI

Updated:May 6, 2019, 6:19 PM IST
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Sensex Crashes 363 Points as US-China Trade Tensions Re-emerge
Representative image (Credit: Reuters)

Mumbai: Equity benchmark Sensex on Monday plummeted nearly 363 points in line with global market sell-offs as investors panicked sensing fresh trouble for the world economy after the US vowed to further raise tariffs on Chinese goods.

Similarly, the NSE Nifty dived 114 points to settle below the 11,600-level.

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.

Tracking tepid global market trend, the BSE gauge Sensex opened on a weak note at 38,719.33 against its previous close of 38,963.26. It lost further ground as the trade progressed and hit a low of 38,509.79 during the day. The index finally settled at 38,600.34, down 362.92 points or 0.93%.

The broader NSE Nifty too started off the session on a bearish note at 11,605.80. The NSE benchmark fell to a low of 11,571.35 before settling the day at 11,598.25, losing 114 points or 0.97%.

Indian equities traded under the shadow of volatile Asian stocks rattled by renewed fears that trade negotiations between the US and China are on the verge of collapse.

Besides, depreciation in rupee and mixed quarterly results further hit investor's sentiment in the domestic market.

In the Sensex pack, private sector lender Yes Bank emerged as the top loser with 5.30% fall after ratings downgrade. Other major laggards were Tata Motors, Bajaj Finance, Tata Steel, HDFC and IndusInd Bank — losing as much as 4.49%.

Bucking the negative market trend, ITC, TCS, Bharti Airtel and ONGC ended in the green.

Sectorally, BSE consumer durables, metals, realty, capital goods and auto indices fell up to 2.82%.

Broader, BSE midcap and smallcap indices too ended up to 0.85% lower.

"Indian markets ended the day on sharp note with the Index closing around 114 points in the red. The fall in the markets was mainly due to US President Donald Trump planning on doubling the tariff rate on USD 200 billion of Chinese goods," Hemang Jani, Head - Advisory, Sharekhan by BNP Paribas, said.

According to traders, 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.

Asian markets remained under pressure owing to fresh concerns over US-China trade talks. Chinese bourses sank led by Shanghai Composite Index that plunged 5.58 per cent. Benchmark indices of Japan, Hong Kong and South Korea also witnessed sharp declines. European equites were also trading significantly lower in early trade.

The rupee depreciated by 18 paise to 69.40 against the US dollar on Monday.

Global benchmark Brent crude was trading 0.92% lower at USD 70.20 per barrel.

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