Stocks trip to 5-month low as trade war fears escalates
23 March 2018 4:26 PM GMT
Mumbai: The BSE Sensex plunged by about 410 points to close at a five-month low while the broader Nifty crashed below the 10,000 mark for the first time this year following a global sell-off due to fears of a trade war as the US President Donald Trump announced tariffs on Chinese goods.
The 30-share Sensex tumbled by 409.73 points or 1.24 per cent to close at five month low of 32,596.54, a level last seen on October 23 last year, when it had closed at 32,506.72.
The 50-issue Nifty ended below the psychological 10,000-level by dropping 116.70 points or 1.15 per cent to 9,998.05, the lowest closing level in five months. The level was last seen on October 11 last year, when it had closed at 9,984.80.
Realty, metal, bankex, capital goods, healthcare, PSU, auto and oil & gas stocks recorded widespread losses.
Metal stocks led by SAIL, Jindal Steel, Vedanta, Hindalco Ind. Jindal Steel, National Aluminium, Hindustan Zinc, Tata Steel, NMDC and JSW Steel fell up to 6.58 per cent due to intense selling pressure. For the fourth straight week, the flagship Sensex recorded a fall of 579.46 points, or 1.75 per cent, while the NSE Nifty lost 197.10 points, or 1.93 per cent.
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