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Sensex falls 126 points, Nifty at 10,385 amid weak Asian markets; Bharti Airtel, SBI, Adani Ports top losers

Banking stocks were the worst hit with BSE bankex falling  242 points or 0.87% to 27,663 level. Bank Nifty too fell 188 points or 0.76% to 24,550 level. BSE metal (0.52%) and oil and gas (0.41%) indices were other major losers on BSE.

twitter-logo BusinessToday.In        Last Updated: March 15, 2018  | 11:50 IST
Sensex falls 126 points, Nifty at 10,385 amid weak Asian markets; Bharti Airtel, SBI, Adani Ports top losers

The Sensex and Nifty fell in early trade amid weak Asian markets on fears of rising protectionism in US after President Donald Trump fired his Secretary of State, regarded as a moderate in his administration, and sought to impose hefty tariffs on Chinese imports. While the Sensex was trading 112 points or 0.33% lower, Nifty was down 0.39% or 40 points to 10,385 level.

Banking stocks were the worst hit with BSE bankex falling  242 points or 0.87% to 27,663 level. Bank Nifty too fell 188 points or 0.76% to 24,550 level.

BSE metal (0.52%) and oil and gas (0.41%) indices were other major losers on BSE.

Bharti Airtel (1.44%), SBI (1.37%) and Adani Ports (1.36%) were the top Sensex losers.

Market breadth was mildly negative with 939 stocks rising against 988 falling on BSE.

Meanwhile, the BSE mid cap and small cap indices were trading with minor gains of 0.06% and 0.11% respectively.

Global markets

Japan's Nikkei dropped 1 percent and South Korea's Kospi index declined 0.6 percent. China's SSE Composite index and the blue-chip CSI 300 slipped 0.3 percent each.

The weakness followed overnight losses on Wall Street, with the Dow off 0.7 percent, the S&P 500 down 0.6 percent and the Nasdaq Composite falling 1.0 percent.

The selling intensified after Trump dismissed Tillerson following a series of public rifts over policy on North Korea, Russia and Iran. He was replaced with loyalist CIA Director Mike Pompeo.

The move comes only days after the exit of White House economic advisor Gary Cohn who was a strong proponent of free trade, reinforcing investor uncertainty about Trump's future policies.

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