Sensex Falls Over 200 Points, Nifty Dips Below 11,300
Domestic stock markets started Thursday's session on a lower note tracking weakness in Asian peers, where equities dropped to six-week lows on fresh concerns about global growth. The S&P BSE Sensex fell as much as 224.26 points to 37,564.87, and the Nifty moved to 11,297.30, down 62.15 points from the previous close, extending losses to a seventh consecutive session. Losses in banking, energy and pharmaceuticals stocks dragged the markets lower, however advances in media and metal counters provided some support.
At 9:24 am, the Sensex traded 157.06 points lower at 37,632.07, while the Nifty was down 44.35 points at 11,315.10.
Bharat Petroleum, Adani Ports, Reliance Industries, UPL, Grasim and Yes Bank, trading between 1.34 per cent and 1.76 per cent lower, were the top laggards on the 50-scrip benchmark index at the time.
Reliance Industries, HDFC Bank and HDFC were the heaviest drags on the Sensex.
Equities in other Asian markets hit six-week lows in early trade as increased tensions ahead of key US-China trade negotiations fanned fresh concerns about the outlook for the global economy.
MSCI's broadest index of Asia-Pacific shares outside Japan edged down 0.3 per cent to its lowest level since March 28. Japan's Nikkei average shed 0.9 percent to its five-week low, while South Korea's KOSPI fell 0.8 percent and the Australian benchmark added 0.3 percent.
Investor focus has zeroed in on trade issues this week with Chinese Vice Premier Liu He expected to try to salvage a deal during negotiations with the US in Washington on Thursday and Friday. That would avoid a sharp increase in tariffs on Chinese goods scheduled to take effect on Friday.
Stocks extended earlier losses in Asian trade after US President Donald Trump said that China "broke the deal" in trade talks with Washington and would face stiff tariffs if no agreement is reached.
On Wednesday, the domestic stock markets extended recent losses to a sixth session in a row. The Sensex ended at its lowest level since March 14 and the Nifty fell to its lowest since March 25.
(With inputs from Reuters)
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