The BSE Sensex turned negative after opening 76 points higher in early session today amid weak global cues on rising concerns of a global trade war.
The 30-share index was trading lower by 84.09 points, or 0.24 per cent, at 35,538.05. The gauge had gained 22.32 points in the previous session. Vedanta, Tata Steel, Coal India, Kotak Bank, PowerGrid, Hero MotoCorp, Axis Bank and Infosys were among the top index losers, shedding up to 3 per cent.
On the other hand, ICICI Bank, Tata Motors, M&M, IndusInd Bank and Bharti Airtel were among the top gainers, rising up to 2 per cent. The NSE Nifty too edged lower by 14.40 points, or 0.13 per cent, to 10,803.30. Sectoral indices led by metals, banking and realty stocks fell by up to 2 per cent.
Investor sentiment turned weak after US President Donald Trump on Friday slapped a 25 per cent tariff on USD 50 billion worth of Chinese goods, as he accused Beijing of intellectual property theft and unfair trade practices, triggering a full-fledged trade war between the world’s two largest economies.
Reacting to Trump’s latest announcement, China said it has imposed “equal” tariffs on US products.
Meanwhile, domestic institutional investors (DIIs) bought shares worth a net of Rs 561.01 crore on Friday, while foreign portfolio investors (FPIs) sold shares worth Rs 1,524.74 crore on Friday, as per provisional data. Brent crude was down 1.08 per cent to USD 72.65, while WTI oil fell 1.86 per cent to USD 63.85 a barrel in Asian trade.
Elsewhere in Asia, most financial markets in Hong Kong, Shanghai and Taipei are closed for public holidays. Japan’s Nikkei fell 1.04 per cent in early trade today. The US dow Jones Industrial Average ended 0.34 per cent down on Friday.