Sensex tanks over 500 points amid political upheaval, trade war woes

NEW DELHI, March 16, 2018: Sensex on Friday tanked 509.54 points to close at 33,176. The broader 50-share NSE Nifty too shed more than 1.50 percent to slip below the 10,200-mark.

Media reports said the markets had opened in the red in the morning session itself amid upheaval in national politics, as Telugu Desam Party (TDP) pulled out of the Narendra Modi led-National Democratic Alliance (NDA). Friday, being the last day of trading in the week, investors turned cautious on turbulence in the political circles that may continue over the weekend.

Apart from that, trade war woes once again rocked the markets with the Trump administration mounting a fresh offensive against India by dragging it to the World Trade Organisation (WTO) for providing what it termed as export subsidies through half-a-dozen schemes, said the reports.