Global trade war drags Nifty below 10,000 mark

MUMBAI March 23, 2018: 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 US President Donald Trump announced tariffs on Chinese goods, said media report.

The 30-share Sensex tumbled by 409.73 points or 1.24 percent to close at a five-month low of 32,596.54, a level last seen on October 23 last year, added the reports.

The 50-issue Nifty ended below the psychological 10,000-level by dropping 116.70 points or 1.15 percent 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.

Investors lost around Rs 1.57 lakh crore in market valuation on Friday, said media reports.

For the fourth straight week, the Sensex recorded a fall of 579.46 points, or 1.75 percent, while the NSE Nifty lost 197.10 points, or 1.93 percent.

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 percent due to intense selling pressure, said the reports.

Banking stocks took a hit after Totem Infrastructure was booked by the CBI for allegedly defrauding a consortium of eight banks led by Union Bank to the tune of Rs 1,394 crore.

The Nifty Bank index fell 471.10 or 1.95 percent to close at around eight-month low of 23,670.40 as Axis Bank, PNB, Yes Bank, Canara Bank, ICICI Bank, IDFC Bank, SBI, Bank of Baroda, HDFC Bank, Kotak Bank, Federal Bank and IndusInd Bank dropped up to 3.87 percent.