The market was trading with small losses in mid-afternoon trade. At 14:25 IST, the barometer index, the S&P BSE Sensex, was down 36.84 points or 0.10% at 37,548.67. The Nifty 50 index was down 18.20 points or 0.16% at 11,359.55. Sentiment across the globe was negative amid growing trade tensions between the US and China.
Overseas, European and Asian shares were mixed after the Trump administration decided to impose 10% tariffs on $200 billion worth of Chinese imports. US stocks closed lower Monday, with the S&P 500 and the Dow snapping multi-day win streaks.
President Donald Trump will impose 10% tariffs on $200 billion worth of Chinese imports, and those duties will rise to 25% at the end of the year, according to a Monday announcement. The White House removed about 300 goods from a previously proposed list of affected products, including smart watches, some chemicals and other products such as bicycle helmets and high chairs. Beijing has already warned that it will retaliate against the measures.
The US has already levied tariffs on $50 billion worth of Chinese products. Beijing responded with measures targeting $50 billion on American goods, raising fears about damage to the US farm industry. Earlier this month, reports suggested that the US was seeking to restart trade talks with China.
Meanwhile in the US, the New York Fed's Empire State index fell 7 points to 19 in September.
Among secondary barometers back home, the BSE Mid-Cap index was down 0.80%. The BSE Small-Cap index was down 0.80%. Both these indices underperformed the Sensex.
The market breadth, indicating the overall health of the market, was weak. On BSE, 986 shares rose and 1574 shares fell. A total of 161 shares were unchanged.
Realty shares declined. D B Realty (down 5.13%), DLF (down 3.24%), Prestige Estates Projects (down 2.85%), Housing Development and Infrastructure (HDIL) (down 2.81%), Indiabulls Real Estate (down 2.79%), Peninsula Land (down 2.25%), Phoenix Mills (down 1.6%), Oberoi Realty (down 1.58%), Sunteck Realty (down 1.57%), Sobha (down 0.96%), Parsvnath Developers (down 0.8%), Unitech (down 0.64%), Godrej Properties (down 0.45%) and Omaxe (down 0.16%), edged lower. Mahindra Lifespace Developers (up 0.07%) and Anant Raj (up 0.80%), edged higher.
Power generation stocks tumbled. Jaiprakash Power Ventures (down 4.1%), Reliance Infrastructure (down 3.63%), Reliance Power (down 3.44%), GMR Infrastructure (down 2.97%), Adani Power (down 2.78%), Torrent Power (down 1.95%), NTPC (down 1.54%), CESC (down 1.06%), Tata Power (down 0.96%) and NHPC (down 0.81%), edged lower.
State-run Coal India was down 1.69%. State-run Power Grid Corporation of India was down 0.57%.
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