Market sinks on profitbooking, China-US trade tensions weigh : Bulletin: Business Today
Business Today

Market sinks on profitbooking, China-US trade tensions weigh

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August 2, 2018

The Sensex suffered its biggest single-day rout in over four months today as investors scrambled for the exit amid a flare-up in Sino-US trade frictions.
Profit-booking by participants following the recent rally on Dalal Street added to the selling pressure, brokers said.
Rate-sensitive auto, bank and realty stocks continued their slide, a day after the RBI hiked rates, making loans costlier for consumers.
The Sensex plunged 356 points to close at a one-week low of 37,165.16, while the NSE Nifty dropped 101.50 points to finish below the 10,300-mark.
This is its biggest single-day fall since March 23, when it had plunged 409.73 points.
The broader Nifty too succumbed to widespread selling and hit a low of 11,234.95, before ending at 11,244.70, down 101.50 points, or 0.89 per cent.
Bharti Airtel was the top Sensex loser, skidding 2.79 per cent, followed by Kotak Bank at 2.54 per cent and Maruti Suzuki 1.97 per cent.
PowerGrid spurted 2.25 per cent, Coal India 1.07 per cent, HUL 0.92 per cent and IndusInd Bank 0.91 per cent, among others.
The RBI had on Wednesday cautioned that the rising trade tensions can escalate to a full-blown currency war, hurting global growth.
Asian and European bourses tumbled after Beijing said it will retaliate if the US goes ahead with its threat of imposing higher tariffs on Chinese imports.
That's all for today's market wrap. Stay tuned for more.
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