Equity indices continued the downtrend during early hours on Friday in line with global stocks which took another beating after US President Donald Trump said he will impose 10 per cent tariff on the remaining 300 billion dollars of Chinese imports from September 1.
At 10.15 am, the BSE S & P Sensex was down 361 points at 36,658 while the Nifty 50 slipped 115 points to 10,865. At the National Stock Exchange, all sectoral indices were in the red with Nifty realty down by 2.3 per cent, metal by 2.25 per cent and financial services by 1.4 per cent.
Among stocks, Coffee Day Enterprises plunged another 10 per cent for the fourth day in a row and traded at Rs 99.90 per share.
GAIL edged lower by 3.4 per cent, Hero Motocorp by 3 per cent and ONGC by 2.8 per cent. The other prominent losers were Coal India, HCL Tech, Hindalco, Vedanta and Tata Steel.
ALSO READ: Centre presses IAF aircraft for quick induction of security forces in Kashmir
However, Bharti Airtel soared 3.4 per cent at Rs 334.90 per share despite posting a net loss of Rs 2,866 crore in Q1 FY20. Others which showed marginal gains were Asian Paints, Cipla, UltraTech Cement and Infosys.
Meanwhile, all Asian stocks were in the red with MSCI’s broadest index of Asia-Pacific shares outside Japan down by 1.6 per cent and Japan’s Nikkei by 2.4 per cent.
Chinese stocks were also hit hard with the benchmark Shanghai Composite and the blue-chip CSI300 down 1.5 per cent and 1.6 per cent respectively, while Hong Kong’s Hang Seng dropped 2.2 per cent.
Trump’s announcement, which came a day after US and Chinese negotiators concluded a meeting in Shanghai without significant signs of progress. That ignited fears of a serious disruption in global supply chains.