US President Donald Trump said he plans to impose a 10 percent tariff on USD 300 billion of Chinese imports from September 1 and could raise tariffs further if China’s President Xi Jinping fails to move more quickly to strike a trade deal.
The announcement on Thursday extends Trump’s trade tariffs to nearly all China’s imports into the United States and marks an abrupt end to a temporary truce in a trade war that has disrupted global supply chains and roiled financial markets.
Following renewed trade war between the two economic giants, global indices and that of India have been hit hard. Benchmark indices are down close to a percent each. Nifty50 is down 87 points and is trading at 10,892 while the Sensex is down 294 points and is trading at 36,724 level.
Nifty Metal along with the realty space are down over 2 percent each dragged by JSPL, SAIL, Tata Steel, Vedanta, NMDC, Hindustan Copper, Hindalco Industries and NALCO.
From the real estate space, the top losers are DLF, Unitech, Indiabulls Real Estate and Oberoi Realty.
Bank Nifty shed a percent dragged by ICICI Bank, IDFC First Bank, IndusInd Bank and Bank of Baroda.
GAIL India, HPCL, ONGC and Reliance Industries are the top losers from the oil & gas space.
India VIX zoomed 7.42 percent and is trading at 15.64 levels.
The top gainers from NSE include Bharti Airtel, Mahindra & Mahindra, Asian Paints, UltraTech Cement and Zee Entertainment while the top losers are Tata Steel, Vedanta, Wipro, ONGC and Coal India.
The most active stocks are Reliance Industries, ICICI Bank, Bharti Airtel, HDFC Bank and Ashok Leyland.
478 stocks have hit 52-week low on BSE including Ashok Leyland, JSPL, SAIL, Vedanta, Tata Steel, Wockhardt, Coal India, Tata Motors DVR, Motherson Sumi Systems, BHEL, Biocon, Hindalco, GAIL, Sun TV, ITC and Aurobindo Pharma among others.
363 stocks advanced and 1277 declined while 439 remained unchanged on the NSE. On the BSE, 529 stocks advanced, 1467 declined and 86 remained unchanged.
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