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Sensex, Nifty Plunge Nearly 3% Amid Global Rout
(RTTNews) - Indian shares nosedived on Monday, mirroring a global selloff amid concerns that a potential global trade war could fuel inflation and dent economic growth.
Investor sentiment was hit by unfavorable global market conditions after China announced retaliatory tariffs on U.S. goods in reaction to President Donald Trump's new levies.
Trump's top economic officials dismissed investors' fears of inflation and recession even after a two-day historic stock market rout.
The benchmark S&P/BSE Sensex hit an intraday low of 71,425 before recouping some loss to end the session down 2,226.79 points, or 2.95 percent, at 73,137.90.
The broader NSE Nifty index closed down 742.85 points, or 3.24 percent, at 22,161.60, after hitting a low of 21,744 earlier.
The BSE mid-cap and small-cap indexes fell 3.5 percent and 4.1 percent respectively, reflecting the turmoil in global markets amid concerns over a growing trade war between the U.S. and rest of the world.
The market breadth was negative on the BSE, with 3,505 shares declining while 576 shares advanced and 144 shares closed unchanged.
Selling was seen across the board, with Tata Motors, Larsen & Toubro and Tata Steel plummeting 5-7 percent.
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