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Sensex plunges 173 points on renewed Indo-US trade tensions
Economy

Sensex plunges 173 points on renewed Indo-US trade tensions

Agency News

Mumbai, Ju1 10 : The bencmark index of Bombay Stock Exchange (BSE) fell on Wednesday by 173.78 points to end volatile session on a negative note at 38,557.04 amidst renewed concerns over trade tensions between India and the United States.

The Nifty of National Stock Exchange (NSE) too dropped by 57 points to 11,498.90. Ahead of the Indo-US trade talks on Friday, US President Donald Trump once again warned the South Asian country that its high tariffs were not acceptable. In May, India imposed higher tariffs on 28 US products, including almonds and apples. The Sensex opened at 38,701.99, down by 29 points, in early trade and then the volatility marred the session as the index hit the day's low of 38,474.66 and high of 38,854.85, during the day. It erased early gains in late trade and closed at 38,557.04, sliding by 173.78 points against its last close.

The sectoral indices like Industrials, Auto, Capital Goods, Metal, Realty and Power dragged the market down today, along with scrips of Bajaj Finance, Tata Steel, Tata Motors, Axis Bank and Tata Motors DVR. The broader markets underperformed the Sensex, as the S&P BSE Mid-Cap index and Small-Cap lost by 0.75 per cent each.

The market breadth was weaker on BSE, as 949 shares gained versus 1,498 declined and 137 were unchanged. Elsewhere in Asia, the equity markets ended mixed on Wednesday. Japan's Nikkei closed 0.15 per cent lower, while South Korea's Kospi settled 0.33 pc lower. (UNI)