Indian shares erased earlier gains to end lower on Wednesday on renewed fears of a global trade war after China retaliated against US tariffs by imposing additional duties on $50 billion of USA goods.
Investors, however, are in a wait-and-watch mode ahead of the RBI's first bi-monthly policy meet for FY19, they added.
"The market witnessed a complete nosedive in the late afternoon after some fresh worries arising on the global trade war".
The Sensex is down 363.44 points or 1.1% at 33,007.19.
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The barometer 30-scrip Sensitive index (Sensex) of the BSE shed over 500 points from its day's high at 33,505.53 points to trade at 32,999.82 points (around 2.50 p.m.) - down 370.81 points or 1.11 per cent from its previous session's close. Market breadth, indicating the overall health of the market turned positive. However, Japan's Nikkei bucked the trend as it rose 0.13 per cent.
Most European markets were trading sharply lower, while Wall Street is poised to open with deep losses, with United States stock futures trading almost 1.5% lower.
The tension could also be felt on the Chinese yuan, which suffered its biggest daily fall versus the dollar in two weeks.
Meanwhile, the market is looking ahead to the central bank's monetary policy review, due tomorrow.
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The Bank Nifty index lost more than 350 points, while the Nifty Midcap index closed down over a percent.
The threat of a tariff war between the USA and China returned to haunt the market on Wednesday with Sensex and Nifty losing more than 1 percent in afternoon trade following weak global markets. "Additionally, traders and investors awaited the outcome of the RBI's first monetary policy meeting of the year", said Karthikraj Lakshmanan, senior fund manager-equities, BNP Paribas Mutual Fund.
Among the Sensex pack, 25 declined with Yes Bank, Kotak Mahindra Bank, L&T, Axis Bank and Tata Steel all losing more than 2% each. Top gainers on the Nifty 50 were Tata Motors, Eicher Motors, Hero MotoCorp and Reliance Industries, trading with gains between 1 per cent and 3.2 per cent. Shares in other Asian markets were trying to bounce.
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