NEW DELHI: Benchmark indices opened on a tepid note on Tuesday, tracking weakness across Asian markets.
The US President's warning to impose a 10 per cent tariff on $200 billion of Chinese goods in a tit-for-trade trade war spooked global sentiment.
Concerns over outflows from emerging markets too weighed on the sentiment.At 9.26 am, the BSE Sensex was trading 126 points, or 0.35 per cent, lower at 35,422.
Nift50 was trading 33.40 points, or 0.31 per cent, lower at 10,766.45.
Asian markets were down up to 0.7 per cent.Analysts feel the index may remain rangebound for some time, before seeing a decisive breakout.
Nifty continues to consolidate within the 10,830-10,750 range for past three consecutive sessions, indicating a short-term sideways movement.
Breakout on either side of the range will signal further direction, the expert said.Among Sensex stocks, Vedanta dropped 1.55 per cent to Rs 228.70 and was the worst index performer.
Infosys, Hindustan Unilever, Bajaj Auto and Wipro fell 1.11 per cent, 1.03 per cent, 0.87 per cent and 0.85 per cent, respectively.
Coal India, Hero MotoCorp, NTPC and Power Grid declined up to 0.7 per cent.
Bharti Airtel, tata Steel and Tata Motors remained exceptions, gaining up to 0.6 per cent.
Trump on Monday warned China that it would impose a 10 per cent tariff on $200 billion worth Chinese goods following Beijings decision to raise tariffs on $50 billion in US goods.
If China retailates, we will meet that action by pursuing additional tariffs on another $200 billion of goods, Trump said.Meanwhile Atlanta Federal Reserve bank president Raphael Bostic said that the US economy is in a pretty good place that should let the Fed continue its steady program of raising interest rates.Foreign portfolio investors (FPIs) sold Rs 754 crore worth of domestic stocks on Monday, provisional data available with BSE suggested.
DIIs were net buyers to the tune of Rs 824 crore, data suggested.