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Sensex, Nifty close lower as US-China reignite fears of trade war

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The Sensex and Nifty closed lower for the second straight day, tracking a sell-off across global markets after the US and China reignited their trade dispute.

The Sensex plunged around 262 points to end at a two-week low of 35,286, while the broader Nifty dropped 89 points to 10,710.

Asian markets crashed after US President Donald Trump's threat to impose a 10 percent tariff on another $200 billion of Chinese goods drew warnings from Beijing of about $50 billion retaliatory penalties on US goods.

Unabated selling by foreign funds and a weak rupee added to the gloom, brokers said. Vedanta was the biggest loser in the Sensex pack, sinking 3.55 per cent, followed by Adani Ports that fell 2 per cent. Only ITC, HDFC Bank, HDFC Ltd and ONGC managed to close in the green.

All sectoral indices ended in the red. Metal fell 1.69 per cent, followed by realty, oil and gas, IT and teck sectors among others.

Selling pressure also gathered momentum in broader markets, with the BSE small-cap index falling 1.29 per cent and the mid-cap index losing 0.98 per cent.

Market breadth was negative with 676 stocks closing higher against 1951 ending in the red.