Sensex tanks over 270 points, Nifty closes below 10,700-mark on trade war fears

On the domestic front indices, heavy selling pressure was witnessed in oil and gas, banking and FMCG stocks.

Sensex tanks over 270 points, Nifty closes below 10,700-mark on trade war fears

New Delhi: Hit by higher oil prices, sinking rupee and trade war concerns that could spark another bout of capital outflows, Sensex tanked over 270 points while Nifty closed below 10,700 on Wednesday.

On the domestic front indices, heavy selling pressure was witnessed in oil and gas, banking and FMCG stocks.

The BSE Sensex dropped 272.93 points or 0.77 percent at 35,217.11. On Similar fashion, the NSE Nifty shed 97.75 points or 0.91 percent at 10,671.40.

Laggards in the Sensex pack included Heromoto Corp, NTPC, ONGC, Bharti Airtel, Reliance, Tata Steel, Bajaj Auto, Tata Motors, SBIN, ICICI Bank, L&T, falling by upto 3.16 percent.

Rupee slipped to its weakest in more than 18 months on Wednesday. The rupee fell to 68.68 to the dollar on Wednesday, its lowest since Nov. 29, 2016, making it a 0.62 percent decline so far in the day from its previous close of 68.25.

Brent crude was up 30 cents a barrel at $76.61 by 0800 GMT. US light crude was 25 cents higher at $70.78.

Foreign portfolio investors (FPIs) sold shares worth Rs 538.40 crore, while domestic institutional investors (DIIs) bought shares worth Rs 238.05 crore yesterday, as per provisional data.

Most Asian markets, led by China, ended lower as jitters over trade conflicts between the US and other major economies lingered.

With Agency Inputs

 

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