Sensex, Nifty Open Lower as Global Trade War Concerns Weigh on Markets
The Nifty 50 has fallen about 5% so far in February, and is on course for the fifth consecutive month of losses, its longest losing streak in 29 years.
India's stock benchmarks opened lower on Friday, tracking their Asian peers, due to concerns about a full-fledged global trade war.
The Nifty 50 was down 0.93% at 22,332.2 by 9:23 a.m. IST, while the BSE Sensex fell 0.91% to 73,926.27.
All the 13 major sectors declined at the open. The broader, small-cap and mid-caps fell about 1.3% each.
The MSCI Asia ex-Japan index sank 2% after U.S. President Donald Trump said that the 25% duties on imports from Canada and Mexico would come into effect on March 4 and not April 2 as he had suggested the day prior.
Trump also said goods from China will be subject to an additional 10% duty, heightening fears of an escalating trade conflict.
The Nifty 50 has fallen about 5% so far in February, and is on course for the fifth consecutive month of losses, its longest losing streak in 29 years.
Original News: Reuters | Business News
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