The market extended yesterday's steep decline amid weakness in select index stocks. The barometer index, the S&P BSE Sensex, fell 294.84 points or 0.78% to 37,290.67, as per the provisional closing data. The Nifty 50 index fell 98.85 points or 0.87% to 11,278.90, as per the provisional closing data. Rising global trade tensions spooked investors after US President Donald Trump said he will impose tariffs on an additional $200 billion worth of Chinese imports, escalating the trade conflict between the world's two biggest economies.
Among secondary barometers, the BSE Mid-Cap index fell 1.49%. The BSE Small-Cap index fell 1.51%. Both these indices underperformed the Sensex.
The market breadth, indicating the overall health of the market, was weak. On BSE, 892 shares rose and 1791 shares fell. A total of 165 shares were unchanged.
State Bank of India (down 4.17%), Tata Motors (down 3.46%), Bajaj Auto (down 2.87%), Axis Bank (down 2.64%), Bharti Airtel (down 2.17%), Vedanta (down 1.96%) and ICICI Bank (down 1.84%), were the major Sensex losers.
Hindustan Unilever (up 3.74%), Yes Bank (up 1.60%), Wipro (up 1.32%), ONGC (up 1.11%), ITC (up 0.63%) and TCS (up 0.02%), were the major Sensex gainers.
Overseas, European shares were trading higher. 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.
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