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Sensex, Nifty Extend Losses On Trade War Fears
(RTTNews) - Indian shares were sharply lower on Wednesday on fears of a trade war and potential inflation.
The benchmark S&P/BSE Sensex was down 808 points, or 1.1 percent, at 75,486 in early trade, extending losses for a sixth straight session. The broader NSE Nifty index dipped 232 points, or 1 percent, to 22,838.
Among the prominent decliners, IndusInd Bank, Reliance Industries, Adani Ports, Mahindra & Mahindra and BEL fell 3-4 percent.
HAL slumped 4 percent after IAF Chief Marshal A P Singh sharply criticized the company for the ongoing delays in the delivery of the Light Combat Aircraft (LCA)-Mk1A.
Ashok Leyland dropped 1.1 percent, RVNL plunged 5.6 percent and Siemens declined 2.6 percent ahead of their earnings results.
Vodafone Idea plummeted 7 percent despite narrowing its quarterly net loss.
IRCTC tumbled 3.5 percent on reporting a 14 percent rise in its Q3 net profit.
TVS Motor Company declined 2.2 percent after it unveiled plans to invest Rs. 2,000 crores in Karnataka.
Gopal Snacks nosedived almost 10 percent on weak Q3 earnings.
IT stocks such as Infosys, TCS and Tech Mahindra were up between half a percent and 1 percent on expectations of improved profit margins due to a weakening rupee.
Happy Forgings was slightly higher after winning a global contract for supply of components.
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