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Market Live: Nifty opens below 10,000, Sensex slips 450 pts on US-China trade war fears.
Asian markets slipped in Friday trading, tracking the sharp falls in Wall Street and European markets, which took a hit on fears of a potential trade war
The Sensex fell more than 450 points and the Nifty breached 10,000-mark for the first time in 2018.
About 25 shares declined for every share rising on the NSE.
HCC, Union Bank, Reliance Communications, Bank of Baroda, PNB, Bank of India, Canara Bank, IVRCL, GMR Infrastructure, Nalco, JSPL and SAIL fell up to 7 percent.
Tata Steel is identified as the successful resolution applicant for acquisition of Bhushan Steel.
The steel maker accepts letter of intent for Bhushan Steel under Corporate Insolvency Resolution Process and Insolvency & Bankruptcy Code.
Committee of creditors has finalised Tata Steel as resolution applicant for Bhushan Steel subject to regulator nod.
The US has rolled back some tariffs on other countries which is a positive and measures announced By Donald Trump are less aggressive than what we feared, said Chetan Ahya, Co-Head of Global Economics & Chief Asia Economist at Morgan Stanley in an interview to CNBC-TV18.
He believes this is going to have moderate impact on trade & growth. Previous experiences indicate impact of global trade war is not severe, he believes."We need to see if this a move to eventually negotiate with China on tariffs," he said.He further said US seems to have taken a targetted approach w.r.t Indian subsidies.
ICICI Bank, HDFC Bank, Reliance Industries, Vedanta, HDFC, Axis Bank, L&T, SBI, Tata Motors and Yes Bank slipped up to 3 percent while GAIL was the only gainer among Nifty50 stocks.
The market has recovered a bit from day's low and bulls are trying hard to defend 10,000 level.The 30-share BSE Sensex was down 365.35 points or 1.11 percent at 32,640.92 and the 50-share NSE Nifty fell 115.65 points or 1.14 percent to 9,999.15.
Brent crude futures were up 0.93 percent at USD 69.55 a barrel while US crude futures rose 1.09 percent to USD 65 a barrel.
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