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Global trade war worries drag Sensex down by 400 points, Nifty below 10,000

Market crashed amidst the rising worries over global trade war.

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Market crashed amidst the rising worries over global trade war. The 30-share BSE Sensex was down 409.73 points or 1.24 percent at 32,596.54 and the 50-share NSE Nifty fell 116.75 points or 1.15 percent to 9,998.05.

Among the top losers were Axis Bank, SBI, Vedanta, Hindalco, Tata Steel, Reliance Industries, L&T and Maruti Suzuki declined up to 5 percent.

Ballooning fears of a global trade war hammered emerging markets on Friday, pushing stocks down almost 2 percent while dollar-bond spreads rose to their highest since November and Turkey's lira plumbed record lows against the dollar and euro.

Investors ran for safety after U.S. President Donald Trump signed a presidential memorandum that could impose tariffs on up to $60 billion of imports from China after a 30-day consultation period.

In retaliation, China unveiled plans to impose tariffs on up to $3 billion of U.S. imports, raising fears of a tit-for-tat escalation that could stymie global trade and growth. China urged the United States to "pull back from the brink", while its embassy in Washington vowed Beijing would "fight to the end" in any trade war with the United States.

MSCI's benchmark emerging equity index fell 1.9 percent to a one-month low and was set to end the week down more than 3 percent, racking up its worst daily and weekly falls since February.

"The equity markets are getting clobbered, which is not that surprising with fears of a trade war breaking out," said Paul Fage, emerging markets strategist at TD Securities.

Meanwhile, Gold prices flared up by Rs 250 to Rs 31,750 per 10 grams at the bullion market today, largely driven by a firming trend overseas and increased buying by local jewellers.

Silver also strengthened by Rs 50 to Rs 39,550 per kg due to increased offtake by industrial units and coin makers.
Traders said sentiment remained better after gold prices rose to a two-week high in the global markets on a softer dollar as investors scurried to safety after the US President Donald Trump took a step towards long-promised anti-China tariffs, stoking fears of a global trade war.

Globally, gold rose 0.92 per cent to USD 1,340.80 an ounce and silver by 0.98 per cent to USD 16.50 an ounce in Singapore.

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