The Indian benchmark stock markets Sensex and Nifty lost more than 1 percent during early hours of trade on Friday. It is amid a global sell-off over concerns related to a trade war between US and China.
The 30 share index Sensex was trading at 388.34 points lower to be at 32617.93. Earlier, the gauge had touched 470 points low to be at 32534.83 on Thursday. At 10.15 AM 28 of these 30 stocks were trading in red.
Major laggards were Tata Steel, Bajaj Auto, Yes Bank, Axis Bank and State Bank of India.
The broader 50 shares index Nifty was down by 125.05 points to go below 10,000-mark.
Meanwhile, on a net basis, domestic institutional investors (DIIs) made purchases to the tune of Rs 1,127.78 crore, while Foreign portfolio investors (FPIs) continued selling on domestic bourses, they sold shares worth Rs 1,065.99 crore on Friday, as per a provisional data.
Other Asian markets were trading in red on Friday after China said that it has identified around 128 US products that could face trade sanctions. Reports suggest that these imports collectively account for $3 billion worth of trade.
The statement came after US President Donald Trump directed the US trade representative to level tariffs on Chinese imports worth $50 billion.
Hong Kong’s Hang Seng and Japan’s Nikkei was trading more than 800 points lower on Friday.
A note by Axis Securities suggested indices are trading weak amid concerns that the trade war could stifle global growth. “Asian Markets are trading lower as China has unveiled a list of 128 U.S. products as potential retaliation targets against tariffs imposed by President Donald Trump,” it said.
The US market also traded in red overnight as Nasdaq shed over 2 percent while Dow Jones lose 3 percent.