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Sensex falls over 200 pts, Nifty slips below 10,800 on global selloff

Global investor sentiment turned weak after uncertainty over negotiations between the US and China countries during the next 90 days rose.

 

Mumbai| The BSE benchmark Sensex dropped over 200 points in early trade Wednesday following a heavy selloff in global equities after concerns over US-China trade war resurfaced.

Global investor sentiment turned weak after uncertainty over negotiations between the US and China countries during the next 90 days rose.

US President Donald Trump and his Chinese counterpart Xi Jinping agreed to a truce at the G20 meet.

Trump, however, muddied the waters by opening the possibility of an extension. “The negotiations with China have already started. Unless extended, they will end 90 days” from Saturday, Trump tweeted.

The 30-share index was trading 209.22 points, or 0.58 percent, lower at 35,925.09. The index broke its six-session rising streak Tuesday, ending 106.69 points, or 0.29 percent, down at 36,134.31.

In a similar movement, the NSE Nifty was trading 75.90 points, or 0.70 percent, lower at 10,793.60.

Domestic investors were also cautious ahead of the outcome of the Reserve Bank of India’s fifth bimonthly monetary policy meeting for 2018-19.

All sectoral indices were trading with losses, led by metal, FMCG, auto and banking stocks

Top losers include Tata Motors, IndusInd Bank, Tata Steel, Vedanta, M&M, ITC, Kotak Bank, Yes Bank, Wipro, TCS, Sun Pharma, HUL, ICICI Bank, falling up to 2 percent.

While, gainers include ONGC, Adani Ports, NTPC, SBI, and Asian Paints, rising up to 1 percent.

On a net basis, foreign portfolio investors (FPIs) sold shares worth Rs 55.89 crore Monday, and domestic institutional investors (DIIs) were net sellers to the tune of Rs 521.38 crore, provisional data available with BSE showed.

The rupee, meanwhile, opened 17 paise lower at 70.67 against the US dollar in early trade.

Brent crude, the international benchmark, was trading 1.92 percent lower at USD 60.89 per barrel.

Elsewhere in Asia, Hong Kong’s Hang Seng was down 1.59 percent, Japan’s Nikkei fell 0.40 percent and Shanghai Composite Index edged lower by 0.21 percent in early trade.

On Wall Street, the Dow Jones Industrial Average index cracked 799.36 points, or 3.10 percent, to 25,027.07 on Tuesday.

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