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MARKETS ON WEDNESDAY: Sensex ends 352 pts lower as trade war fears escalate

SI Reporter/New Delhi 04 Apr 18 | 03:30 PM

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Markets erased their morning gains to end lower taking cues from their key global counterparts that slipped on the back of increased fears of a full-scale global trade war.

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The S&P BSE Sensex ended at 33,019, down 352 points while the broader Nifty50 index settled at 10,120, down 125 points.

On Wednesday, China condemned the United States as the Trump administration pushed ahead with plans to slap tariffs on about $50 billion of Chinese industrial and hi-tech products, and vowed imminent countermeasures in the escalating trade dispute.

The US government has unveiled a detailed breakdown of some 1,300 Chinese industrial, transport and medical goods that could be subject to 25 percent duties, ranging from light-emitting diodes to chemicals and machine parts.

Japan's Nikkei 225 closed higher by 0.13 per cent, or 27.26 points, at 21,319.55 amid choppy trade. The broader Topix edged up by 0.14 per cent. Automakers were higher on the back of strong US auto sales reported overnight, with Toyota edging up by 0.13 per cent, while bank stocks came under pressure.

Investors are also awaiting decision on monetary policy by Reserve Bank of India (RBI). The central bank is expected to keep monetary policy steady at its April meeting but shift to a hawkish stance by the end of this year and raise interest rates early in 2019 as inflation pressures build

in other news, Rainfall during the monsoon season is expected to be 100 per cent of the long-term average, a private weather forecasting agency Skymet said earlier in the day, raising prospects of higher farm and economic growth in the $2 trillion economy.

(with Reuters inputs)

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Sensex

Company Price Gain (%)
Vedanta211.654.47
Adani Ports384.503.95
ITC283.453.66
Bharti Airtel357.303.40
ICICI Bank275.003.38

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