Sensex tumbles down 230 points to 37,559 amid global worries
Intense selling pressure in heavyweights Reliance Industries and Kotak Mahindra Bank pulled down equity markets on Thursday amid global worries over upcoming US-China trade talks.
The S&P BSE Sensex tumbled 230 points down to close at 37,559 while the Nifty 50 dived 138 points 58 to 11,302.
Traders said that for certain groups and stocks, the pressure is more technical in nature and could lead to a selloff in the market.
Reliance Industries declined over 2 per cent after global brokerage Morgan Stanley downgraded the stock from ‘overweight‘ to ‘equal weight‘ with a price target of Rs 1,349 per share. It closed on Thursday at Rs 1,271.
Bharat Petroleum Corporation, Power Grid, power utility major NTPC and HCL Tech shed between 1.6 and 1.9 per cent each.
Yes Bank, Bajaj Finance, Bajaj Finserve and Infosys also gained between 1.4 per cent and 2.6 per cent.
Meanwhile, Asian stocks traded on a low note with escalation in trade tariff talks between the United States and China – the world’s two largest economies. Investors said the negotiations could alter the direction of the global economy.
US President Donald Trump kept up his hard-line rhetoric, saying China broke the deal and will pay tariffs on 200 billion dollars worth of Chinese goods. “It will all work out,” he said in comments to supporters at a rally on Wednesday. (ANI)