Markets In Turmoil, Sensex Under 74k, Nifty Over 100 Points Down As US-China Trade War Escalates

Indian benchmark indices opened Wednesday on a dampened note as escalating trade conflicts in the world weighed down on investors sentiment. The BSE Sensex took a hit of over 100 points in the pre-open session at 9:14 AM and tested 74,100. Meanwhile, the NSE Nifty50 slipped 76 points to trade under 22,500. 

As markets progressed, around 9:20 AM, the Sensex slipped further 300 points and stood under the 74k mark at 73,920. Meanwhile, the Nifty tanked 127 points to inch closer to 22,400. 

On the 30-share Sensex, PowerGrid, Nestle, Hindustan Unilever, M&M, and Tata Motors emerged among the gainers in the session so far. Meanwhile, the laggards included Tech M, Infosys, Tata Steel, HCL Tech, and TCS.

In the broader markets, the Nifty Microcap 250 dominated in red and plunged 1 per cent in the session. Sectorally, the IT index drove the losses and plummeted 2.23 per cent.

Notably, US President Donald Trump went ahead with his tariff aggression and imposed 104 per cent duties on China. This move followed China refusing to back down from its retaliatory tariffs imposed on American shipments. The Asian superpower termed the US move ‘blackmail’ and refused to give in to the US’ pressure tactics. Trump earlier set a deadline for Tuesday noon urging Beijing to slash the 34 per cent tariffs it imposed on US after Trump announced the duties on the Asian nation originally.

 

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