The Indian equity market woke up to a nightmarish Friday morning with the Nifty plunging 140 points, trading below the 10,000 mark while the Sensex tanked over 400 points or 1.3 percent. The hammering came after US President Donald Trump imposed tariff as much as USD 60 billion on Chinese imports in the US.
Nifty PSU banking index was down 3 percent dragged by State Bank of India which shed 2 percent followed by Andhra Bank, Syndicate Bank, IDBI Bank, Bank of Baroda and Allahabad Bank.
CNX metal index was also lower by over 3 percent with stocks like Jindal Steel & power, Steel Authority of India and Welspun Corp plunging over 5 percent each. Nalco, Hindalco Industries and Bhushan Steel were the other top losers.
The top Nifty losers included Hindalco Industries which fell 4 percent followed by Yes Bank which was down 3.8 percent. Tata Steel, ICICI Bank and Vedanta were the other losers.
The most active Nifty stocks included ICICI Bank which fell 3 percent while Tata Steel shed 3.5 percent. Infosys, Maruti Suzuki and Yes Bank were the other active stocks.
271 stocks hit new 52-week low including names like Adani Power, Ambuja Cements, Bharat Electronics, Bharat Heavy Electricals, Bosch, Eros International, GSK Pharma, HCC, HDIL, Mcleod Russel, State Bank of India, PFC, Tata Motors and Union Bank of India among others.
Oil India Limited and Manappuram were few of the top Sensex gainers while Union Bank of India, Inox Wind, MMTC and Reliance Communications were the top losers.
The market breadth was in favour of the declines with 96 stocks advancing while 1518 declined and 390 remained unchanged. On the other hand, in the BSE, 183 stocks advanced and 1802 declined and 66 remained unchanged.moneycontrol