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Sensex dives 363 pts; Nifty at 11,598: Key facts

NEW DELHI: Equity indices cracked on Monday with the benchmark BSE sensex diving over 350 points amid vulnerable world cues. Sensex plunged 363 points or 0.93 consistent with cent to near at 38,600, while the broader NSE Nifty moved 114 points or 0.97 consistent with cent consistent with cent decrease to settle at 11,598.

Major laggards on the 30-share BSE platform come with Yes Bank, Tata Motors, Tata Steel, Bajaj Finance, HDFC twins (HDFC and HDFC Bank), IndusInd Bank and Reliance Industries with their shares sliding as much as 4.78 consistent with cent. 24 out of 30 stocks on the BSE index closed in red.

On NSE, excluding for Nifty IT, all other sub-indices led to red with Nifty Media and Metal falling probably the most, down as much as 2.18 consistent with cent.

These were components that pulled both the indices decrease:

US-China industry spat

US President Donald Trump threatened to boost tariffs on $200 billion worth of Chinese items, casting doubts over talks this week that were in large part expected to reach a industry accord.

Tensions sharply escalated between the sector’s two biggest economies when Trump said industry talks with China were proceeding "too slowly", and that he would elevate tariffs on $200 billion of Chinese items to 25 consistent with cent from 10 consistent with cent.

The industry struggle formally kicked off in July remaining 12 months with tariffs on $34 billion of Chinese imports, which were adopted via tariffs on an extra $16 billion in August and another $200 billion in September. China has retaliated on each of these measures with its personal set of tariffs.

General elections

Investors also grew to become wary amid the start of 5th phase of 2019 basic elections. The vote casting in 51 constituencies, unfold throughout 7 states, started at 7 am. With this phase, election shall be over in 424 seats and polling in the rest 118 seats shall be hung on May 12 and 19. And, the consequences shall be announced on May 23.

"As we enter the final stages of the 2019 general elections, one can expect the volatility in the market to remain high," Hemang Jani, head - advisory, Sharekhan via BNP Paribas informed news company PTI.

This autumn numbers

The other reason that added to the fall may well be the announcement of This autumn numbers. Bharti Airtel, ICICI Bank, HCL Tech are scheduled to claim their March quarter results this week. Other distinguished income figures are from Canara Bank, Indian Overseas Bank and Vedanta.

"Markets are expected to remain choppy in the next few weeks due to quarterly numbers of companies and the result outcome overhang," Jimeet Modi, founder and CEO, SAMCO Securities and StockNote informed PTI.

Meanwhile, foreign institutional buyers (FIIs) bought fairness worth Rs 400.68 crore on Friday, while home institutional buyers (DIIs) purchased shares to the tune of Rs 57.07 crore, provisional data available with stock exchanges showed.

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