Global trade war spooks markets; Sensex dips 1.2%, Nifty lowest since Oct

The Sensex is down 10% from the record highs of January

The Indian markets came under pressure on Friday amid a sell-off in global equities due to escalating trade tensions between the US and China. The feud between the two largest economies of the world raised concerns of slowing global economic growth and weak corporate earnings.

Hours after President Donald Trump announced the US’ plans to impose tariffs on $60 billion worth of annual Chinese imports, Beijing retaliated by unveiling tariffs on $3 billion worth of US imports.

The move hit equity assets hard with markets across Asia, Europe, and the US tumbling up to 4 per cent. Losses posted by Indian markets