Markets fall on fresh global trade war

Mumbai: Benchmark stock indices Sensex and Nifty on Tuesday fell in line with subdued Asian markets after the US decision to slap tariffs on imports from Brazil and Argentina opened a new front in global trade war.

The 30-share BSE gauge settled at 40,675.45, down 0.31 per cent or 126.72 points. The index swung between a high of 40,885.03 and a low of 40,554.04 during the day. The broader NSE Nifty settled at 11,994.20, showing a dip of 0.45 per cent or 54 points.

In view of fresh tussle in global trade, metal stocks came under pressure. Besides, banking stocks saw selling pressure as investors took a cautious stance ahead of the RBI monetary policy meet outcome on December 5.

Sectorally, metal index bore the brunt of global trade tussle and tumbled 2.67 per cent. Other top losers were basic materials (1.94 per cent), telecom (1.76 per cent), industrials (1.53 per cent), utilities (1.24 per cent).

On the other hand, realty index tops the gainers' chart with 1.36 per cent rise. Of the 19 sectoral indices, 15 closed in the red and 4 ended in the green.

In the broader market, large cap, small cap and midcap indices underperformed the benchmark Sensex. Midcap index dropped 0.95 per cent, smallcap 0.74 per cent and largecap 0.51 per cent.

On the currency front, the Indian rupee ended almost flat against the US dollar. Foreign institutional investors sold shares worth Rs 1,731.33 crore in the capital market in the previous session, while domestic institutional investors bought equities worth 753.99 crore.