Moneycontrol News

The S&P BSE Sensex slipped over 250 points on Tuesday while the Nifty50 held on to its crucial support placed at 10,700 levels to end at a 2-week low largely weighed down by trade war jitters.

China trade tensions drag global markets with Asian markets witnessing deep cuts. Shanghai falls 4 percent while Hang Seng dropped 840 points.

"A trade war could significantly affect markets globally and cause prolonged pressure on indices worldwide. The US imports close to $500 b worth of goods from China whereas the latter only $150 b from the US. This could give Trump considerable bargaining power, and this issue might not be resolved in the near term," Nikhil Kamath, Co-Founder, Zerodha told Moneycontrol.

"Domestically FIIs continue to be net sellers, and the momentum is turning towards the bearish side again. Sectorally, the stocks which had run up over the past few session were the worst hit; Oil marketing companies were exceptionally weak for the session. We would advocate entering fresh shorts at this juncture," he said.

Sectorally, the S&P BSE Metal index witnessed selling pressure for the second consecutive day in a row followed by the S&P BSE realty index which slipped 1.3 percent, and the S&P BSE oil & gas index reversed Monday’s gains and closed 1.2 percent down.

The S&P BSE Midcap index closed 0.98 percent lower while the S&P BSE Smallcap index slipped 1.2 percent.

Top Sensex gainers include companies like ITC, Dr. Reddy’s Laboratories, ONGC, HDFC Bank, and HDFC.

Top Sensex losers include names like M&M, Adani Ports, RIL, IndusInd Bank, Sun Pharma, Bajaj Auto, and Infosys.