The benchmark Bombay Stock Exchange (BSE) fell over 130 points in the early hours of trade on Friday. It is amid weak Asian cues and selling on metals, power, oil & gas, PSU and IT counters.
The equity indices began in red as trade war distress reached new heights. The US pulled India to World Trade Organisation over 6 export subsidy schemes.
The benchmark reached 0.40 percent down by 136.94 points to be at 33548.60 points.
The index had lost 232.40 points in previous three sessions.
Brokers told that persistent selling by investors, capital outflows by foreign funds and a weak trend in Asian bourses due to increased concerns over the prospect of a global trade war dampened market sentiment.
Nifty continued to fall
The National Stock Exchange Nifty fell by 0.49 percent to reach 10309.20 points.
Major laggards were Kotak Bank, NTPC, ONGC, Reliance Industries, Asian Paints, TCS, HDFC, ICICI Bank, Infosys, ITC, SBI, Tata Motors and IndusInd Bank. They lost by 1.40 percent.
Gitanjali Gems continued to fall by over 4 percent (4.63) as their shares were down at Rs 12.35.
The two sectors have been under pressure due to bank fraud and the recent Trump administration decision to impose tariffs on steel and aluminum imports.
Among other Asian markets, Hong Kong’s Hang Seng and Japan’s Nikkei was down by almost a quarter of one percent. Shanghai shed 0.11 in the early hours of trade today.
The US Dow Jones Industrial Average was the only one with a green signal as it rose to 0.47 percent.