Indian stock market benchmark indices BSE's Sensex and NSE's Nifty 50 dropped by over 1 percent as trade tensions between USA and China intensified. It is the most since March 23.
After US ordered an additional 25 percent tariff on 1,300 products, China hit back with a 25 percent tariff on 106 in 14 categories imported from the USA, which includes soybeans, automobiles, and chemicals, reported Bloomberg.
The S&P BSE Sensex fell by 1.05 percent or 351.56 points to 33,019.07 and Nifty 50 by 116.60 points or 1.14 percent to 10,128.40.
NSE's Nifty Bank index was also dragged down by over 400 points to 24,147. The resulted loss is from the weakness of stocks of Bank of Baroda (-3.78 percent), Kotak Mahindra (-2.37 percent) and Yes Bank (2.54 percent).
11 of the 12 NSE's sector indices were affected except for Nifty Auto Index which saw a gain of 0.4 percent.
S&P BSE MidCap fell by 0.9 percent while S&P BSE SmallCap index declined by 1 percent
The top Nifty gainers were:
- Tata Motors Ltd (+3.64%)
- Eicher Motors (+3.37%)
- Bajaj Finance (+0.87%)
- Hindustan Unilever (+0.67%)
- Hero MotoCorp Ltd. (+0.61%)
The top Nifty losers were:
- UPL (-4.33%)
- Hindalco Industries Ltd (-3.44%)
- Tata Steel Ltd (-3.30%)
- Vedanta (-3.14%)
- Titan (-2.96%)