Mumbai: Benchmark indices Sensex and Nifty declined in early trade on Monday, tracking a sharp sell-off in global markets after the US announced a 100 per cent tariff on Chinese goods, effective November 1.
The 30-share BSE Sensex slipped 451.82 points to 82,049, while the NSE Nifty fell 109.55 points to 25,175.80.
Among Sensex constituents, Tata Motors, Bharat Electronics, Tata Steel, Infosys, NTPC and Axis Bank were the major laggards. On the other hand, Asian Paints, Bharti Airtel, Maruti and Eternal gained in early trade.
Across Asia, South Korea’s Kospi, Shanghai’s SSE Composite Index and Hong Kong’s Hang Seng Index traded sharply lower, mirroring the global weakness.
On Wall Street, US stocks ended deeply in the red on Friday — the Nasdaq Composite slumped 3.56 per cent, the S&P 500 shed 2.71 per cent, and the Dow Jones Industrial Average dropped 1.90 per cent.
“Investor sentiment has turned cautious following the US announcement of 100 per cent tariffs on Chinese imports from November 1, reigniting trade war concerns. Although President Trump later clarified that the US does not seek to ‘hurt China,’ leading to some recovery in US stock futures, uncertainty continues to weigh on markets globally,” said Ponmudi R, CEO of Enrich Money.
Meanwhile, global oil benchmark Brent crude rose 1.48 per cent to USD 63.66 a barrel.
According to exchange data, Foreign Institutional Investors (FIIs) purchased equities worth Rs 459.20 crore on Friday.
On the previous trading day, the Sensex had gained 328.72 points or 0.40 per cent to close at 82,500.82, while the Nifty advanced 103.55 points or 0.41 per cent to settle at 25,285.35.
