Sensex Trades Lower Weighed Down By US-China Tensions

It was a weak start for the Indian markets as Global stocks were trading lower, weighed down by escalating US-China tensions.

Overnight US markets fell as investor sentiment took a hit over worsening U.S. China tensions. The Nifty was down 75 points in trade, while the Sensex was down 255 points.

Shares in PNC Infratech were trading higher by almost 6 per cent after the company said it has won two highway contracts, part of Delhi-Vadodara Expressway, worth Rs 1,547.80 crore from National Highways Authority of India.

Government owned Bank of Maharashtra also saw its share price rally after the company reported a 25 per cent rise in net profit at Rs 101 crore for the June quarter. The stock was up more than 6 per cent.

Shares in Zee Entertainment were marginally lower, ahead of results to be declared later today. Yes Bank whose shares had fallen almost 20 per cent on Thursday fell another 3 per cent in trade today.

Among the top Nifty losers were HDFC, Axis Bank and ICICI Bank. On the other hand the top gainers were Sun Pharma and Reliance Industries. In fact, the latter hot a new 52-week high in trade.