Sensex dives 352 pts over US-China trade war

Share

Indian shares fell sharply on Wednesday as fresh worries of global trade war emerged after China hit back at the Trump administration's plan to slap tariffs on $50 billion in Chinese goods, retaliating with a list of similar duties on key U.S. imports including soybeans, planes, cars, whiskey and chemicals.

Besides the global trade tension, local investors were edgy ahead of the RBI's monetary policy announcement on Thursday.

The benchmark BSE Sensex was marginally higher at 33,377 in early trade after ending Tuesday's choppy session slightly higher.

Asian shares were trying to bounce as investors underwent another of the mercurial mood swings that have plagued markets recently, and one could prove just as fleeting given simmering fears of a trade war. Barring the auto index, which remained firm due to strong sales numbers from an auto giant, all other sectoral indices on the National Stock Exchange (NSE) traded in the red. Global market volatility continued to give a ripple effect to the market despite gradual recovery in domestic economy and moderation in inflation.

Trump threatens to send military forces to guard US-Mexico border
The current march is scheduled to end this month with a conference on migration issues in the central Mexican state of Puebla. According to Trump, Mexico broke up a "caravan" of migrants who were heading to the United States because he told them too.

Children, state officials plant "Pinwheels for Prevention" to raise child abuse awareness
Lisette Estrella-Henderon, Solano County superintendent of schools, talked about the long-term effects of child abuse . Child abuse can also affect broader health outcomes into adolescence and adulthood.

Defunct Chinese space lab expected to re-enter in south Atlantic
There is "no need for people to worry", the China Manned Space Engineering Office said earlier on its WeChat social media account. What am I likely to see, if anything? Lots of factors can change the moment the spacecraft gets caught in the atmosphere.

Among the sectors, barring BSE Auto, all sectors saw a negative closing on Wednesday, with metals, consumer durables and basic materials plunging over 2 per cent.

"The market witnessed a complete nosedive in the late afternoon after some fresh worries arising on the global trade war". Mostly subdued Asian markets, weakness in major European markets and lower USA index futures weigh on stocks here.

Global stock markets also fell as unnerving investors were reluctant to take positions in anything but the safest of assets.

China's retaliation came after trading hours for Japan's Nikkei, which added 0.2 per cent in thin volume, while Chinese blue chips ended down 0.2 per cent. The broader indices outperformed the benchmark indices for a second day in a row as Nifty Mid-cap and Small-cap rose 0.88% and 1.66%, respectively. The BSE Sensex fell almost 500 point from its day's highest point weighed down by metal, banking and consumer goods stocks. The S&P 500 lost 8.86 points, or 0.34 per cent, to 2,605.59 and the Nasdaq Composite dropped 6.37 points, or 0.09 percent, to 6,934.92.

Share