Indian markets fell for the fifth straight trading day on Tuesday. The BSE Sensex declined 323.71 points to close at 38,276.63. The National Stock Exchange Nifty shed 100.35 points to finish at 11,497.90.
Fears of an escalating United States-China trade war continue to negatively influence Indian market sentiment, Reuters reported. On Sunday, United States President Donald Trump had said that tariffs of 10% on Chinese goods would rise to 25% on Friday.
Meanwhile, Jagannadham Thunuguntla, head of research (wealth) at Centrum Broking Limited, said according to The Economic Times that markets are also watching the ongoing Lok Sabha elections closely. The fifth phase of the seven-phase polls ended on Monday.
The top gainers on the Sensex on Tuesday were Hindustan Unilever, Larsen & Toubro, Power Grid Corporation, Infosys and Oil and Natural Gas Corporation. The biggest losers were Tata Motors, ICICI Bank, Bharti Airtel, Reliance Industries and Vedanta.
On the Nifty, the stocks which gained the most were Hindustan Unilever, Larsen & Toubro, Wipro, Oil and Natural Gas Corporation and Infosys. The top losers were Zee Entertainment, Tata Motors, ICICI Bank, Reliance Industries, and Bharat Petroleum Corporation Ltd.
The Indian rupee closed two paise down against the United States dollar at 69.42.