A rollercoaster ride for Indian market but towards the close of the sessions bears managed to regain control and pushed the indices firmly in red on Thursday as investors across the globe remained cautious the day before tariffs from the U.S. and China are due to be implemented.

Concerns over a trade dispute between the U.S. and China have weighed on market sentiment in the lead-up to tariffs both countries say will take effect on July 6, CNBC said in a report.

“Stock markets in India traded on a lackluster note and witnessed selling pressure as investors adopted a note of caution post-Wednesday’s rally and ahead of a looming trade tariff deadline between the United States and China,” Abhijeet Dey, Senior Fund Manager-Equities, BNP Paribas Mutual Fund told Moneycontrol.

“A looming 6 July 2018 deadline is set to see the US impose a 25% tariff on $34 billion worth of Chinese goods on more than 800 product categories. If implemented, China is likely to retaliate with duties of the same value on US products,” he said.

Both the benchmark indices, Sensex and the Nifty finally closed the day with marginal losses. On the sectoral front, performance was largely skewed to the negative.

Sectorally, the S&P BSE FMCG index rose 1.03 percent, followed by the S&P BSE Auto index closed 0.15 percent high and the S&P BSE Banking index which was up 0.14 percent.