Sensex, Nifty50 edge lower amid intensifying US-China trade war; Sobha rallies 9%.
The stock market on Friday took a cautious turn at the open on Friday as a fresh spell of trade war erupted.
US President Donald Trump has upped the ante by asking officials to consider $100 billion in additional tariffs against China.
Both benchmarks turned lower after a flat open. At 9.55 am, the Sensex traded lower by 0.23 per cent at 33,520.35.
The NSE Nifty lost 0.19 per cent at 10,305.25.
Tata Motors was deep in the red, down 1.82 per cent.
US President Donald Trump on Thursday directed US trade officials to identify tariffs on $100 billion more Chinese imports, raising the stake in an already high-pitched trade confrontation between the world’s two largest economies.
The tariffs are being considered “in light of China’s unfair retaliation” against earlier US trade actions, Trump said in a White House statement.
As a consequence, most Asian stocks slipped on Friday.
Back home, a majority of sectoral indices moved with cuts on the BSE. Realty and pharma witnessed some decent buying.
Realty firm Sobha spurted over 9 per cent on the BSE. Magma Fincorp shed 6 per cent after the company launched a Rs 500 crore QIP.