Mumbai: A global sell-off following escalating fears of trade war spooked domestic investors and pulled the Nifty50 of the National Stock Exchange (NSE) below the 10,000-level, while the BSE Sensex tumbled over 500 points.
According to market observers, selling pressure was observed across all sectors led by banking, metals, automobile, capital goods and healthcare stocks. Around 12.30 p.m., the Nifty50 — which opened at 9,968.80 points — declined by 137 points or 1.35 percent to trade at 9,977.75 points.
The barometer 30-scrip Sensitive Index (Sensex) of the BSE, which opened at 32,650.89 points, traded at 32,548.72 points — down 457.55 points or 1.39 percent from the previous session’s close. The Sensex fell over 500 points to touch a low of 32,483.84 points during the intra-day trade. The BSE market breadth was bearish with 2,175 declines and 316 advances.
Index heavyweights like Tata Steel, Axis Bank, Yes Bank, State Bank of India and Bajaj Auto were amongst the top losers on the BSE during the mid-afternoon trade session.
On Thursday, negative cues on the back of global protectionist measures, higher interest rates in the US and a hike in crude oil prices, along with selling pressure in banking, auto and capital goods stocks depressed the key indices. The Nifty50 fell by 40.50 points or 0.40 per cent to close at 10,114.75 points while the Sensex closed at 33,006.27 points — down 129.91 points or 0.39 per cent.