Indian stock markets (Sensex and Nifty) closed lower on Tuesday following the higher crude oil prices, China’s retaliatory comments on Trump’s tariffs and rupee falling 31 paise against US dollar. BSE Sensex plunged 294.84 points or 0.78% to end at 37,290.67, NSE Nifty lost 98.85 points or 0.87% to close at 11,278.90, Nifty Bank fell 378.85 points or 1.41% to 26,441.45 and Nifty PSU Bank dipped 166.1 points or 5.44% to 2,890. Shares of Bank of Baroda plunged as much as 16% to a 2-month low of Rs 113.45 on BSE.
Indian equities started on a flatter note on Tuesday and traded in negative territory for most of the day on the renewed trade war worries. Bank of Baroda shares took a hit after the government decided to merge Vijaya Bank and Dena Bank with BoB and plunged 14% in the morning deals. Following the negative sentiments across, most of the heavyweight PSU bank shares declined with SBI falling 4% and PNB slipping 4.5%, Canara Bank dipping 7.6%.
The domestic stock markets traded rangebound on Tuesday following the fresh tensions trade war between US and China after the US President Donald Trump imposed 10% tariffs on $200 billion worth of Chinese goods and decline in most of the Asian shares witnessing the action of Trump administration.