Indian shares sank to a fresh five-month low, led by losses in metals and public sector bank stocks, following a global sell-off as investor fears were piqued by the escalating Sino-U.S. trade war in the broader Asian markets
The Chinese yuan broke below the psychological 7-per-dollar threshold after U.S. President Donald Trump abruptly decided on Thursday to slap 10% tariffs on the remaining $300 billion in Chinese imports. MSCI's broadest index of Asia-Pacific shares outside Japan fell 1.7%.
The rupee hit its weakest level since Mid-May at 70.49 rupees per dollar.
Domestic investor sentiment in equities, which seemed to be upbeat on Friday after reports said the government was looking into foreign portfolio investors' tax concerns, returned to being bearish due to the escalating trade war.
The broader Nifty was down 1.62% at 10,819.55 as of 0447 GMT, while the benchmark BSE Sensex was 1.55% lower at 36,537.09.
Get Best Future and Option Tips in Stock Market and Get Free Trial For More Information Contact us @9644405057
No comments:
Post a Comment