INSUBCONTINENT EXCLUSIVE:
NEW DELHI: Weighed down by sustained selling in sectors including, IT, metal, oil gas and auto, equity benchmarks Sensex and Nifty extended
their losses for a second consecutive session on Tuesday.
Investors were on a selling spree, taking cues from the weakness in global stocks
amid escalating trade spat between the US and China.
World's two largest economies are at the loggerheads after the US administration
imposed tariffs on the Chinese goods
Beijing retaliated with tariffs on US goods, only to receive a warning from the US that it will impose fresh tariffs.
The tit-for-tat moves
exhibited a domino effect on world stocks, as investors remained jittery while keenly observing the development.
Indian stocks were no
exception in the absence of any fresh positive triggers at home.
However, global crude oil prices have started showing the signs of an ebb,
weak trend in the global market, as the trade spat between the US and China intensified
Persistent selling of Indian equities by foreign institutional investors also dampened sentiment
Manager-Equities, BNP Paribas MF.
The Sensex index lost 262 points, or 0.74 per cent, ending the day at 35,287, with only 4 stocks in the
green and 27 in the red.
The four Sensex components that could manage to end the day in the green zone were ITC (0.76 per cent), ONGC (0.30
per cent), HDFC Bank (0.20 per cent) and HDFC (0.13).
The Nifty index tanked 89 points, or 0.83 per cent, settling at 10,710, with 8 stocks
advancing and 42 declining.
Midcaps and smallcaps suffered more losses than Sensex falling up to 1.29 per cent.
Vedanta, with a loss of 3.55
per cent, emerged as the top Sensex loser.
The stock has been falling since Monday, the day it made its entry into the Sensex index.
Adani
Ports, Mahindra Mahindra, Reliance Industries, IndusInd Bank and Sun Pharma featured among the top losers in the Sensex kitty of stocks,
falling up to 2 per cent.
ICICI Bank pared its losses and closed the day with a small loss of 0.17 per cent on the BSE
The bank's CEO Chanda Kochhar will go on leave to facilitate an independent investigation into charges of favouritism and impropriety while
the group's life insurance head Sandeep Bakhshi will run the bank as its Chief Operating Officer.
All sectors on BSE closed the day with
losses, with BSE Metal as the top loser, falling by 1.69 per cent.
Global stocks fell on Tuesday, suffering under the heat of escalating
trade dispute between the US and China.
