The Indian benchmark equity indices lost more than 1 per cent each during the morning trading session amidst a global sell-off over concerns related to a trade war between the United States and China.
At 10:15 a.m., the 30-share Sensex was trading 388.34 points or 1.18% lower at 32,617.93. Earlier, it touched a low of 32,534.83 — a fall of over 470 points compared to Thursday’s close.
Of the 30 Sensex stocks, 28 were in the red, with Tata Steel, Axis Bank, Yes Bank, Bajaj Auto and State Bank of India all shedding over 2% each.
The broader Nifty was down 125.05 points or 1.24% at 9,989.70.
Most of the other leading Asian indices were also in the red on Friday after China said that it had identified around 128 U.S. products that could face trade sanctions. Reports suggest that these imports collectively account for $3 billion worth of trade.
Trump's directive
The statement from China came after U.S. President Donald Trump directed the US trade Representative to level tariffs on Chinese imports worth $50 billion.
Both Hang Seng and Nikkei were trading more than 800 points lower on Friday.
According to a note by Axis Securities, 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 overnight U.S. market was in the red, with Nasdaq shedding over 2% and Dow Jones losing nearly 3 per cent or 724 points.
