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Sensex Plunges Over 450 Points, Nifty Drops Below 11,600

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Domestic stock markets started Monday's session over 1 per cent lower tracking weakness in global peers on US-China trade concerns.

The SP BSE Sensex fell as much as 453.47 points - or 1.16 per cent - to 38,509.79 in early trade, and the NSE Nifty moved to 11,585.10, down 127.15 points from the previous close.

A selloff in financial, metal and auto stocks weighed on the markets. At 9:18 am, the Sensex traded 378.94 points - or 0.97 per cent - lower at 38,584.32, and the Nifty was down 114.75 points at 11,597.50. Tata Motors, JSW Steel, Yes Bank, Hindalco, Tata Steel, Vedanta and Bajaj Finance shares - trading with losses of between 1.64 per cent and 3.75 per cent - were the top laggards on the 50-scrip benchmark index at the time. HDFC Bank, HDFC and Reliance Industries were the top drags on the Sensex.Analysts awaited more earnings reports from large caps. Shares in heavyweights Bharti Airtel and ICICI Bank were in focus.

The telecom and banking majors were due to report their earnings for the quarter ended March 31 later in the day.Shares in global markets tumbled after US President Donald Trump raised pressure on China to reach a trade deal, saying he would hike US tariffs on Chinese goods this week. Equity markets, which had been largely expecting a trade accord, fell sharply across export-reliant Asia as further talks were thrown into doubt.Chinese shares plunged more than 4 per cent at one point, while US stock market futures fell close to 2 percent.

Crude oil prices also plunged.MSCI's broadest index of Asia-Pacific shares outside Japan was down 1.6 per cent shortly after China's markets reopened from a three-day national holiday. Chinese blue-chips shed 4.2 per cent in early trade. The drop in Chinese shares came despite a move on Monday by China's central bank to cut reserve requirements for smaller banks to help boost lending to small and private firms.Japanese financial markets remain closed until Tuesday for a national holiday, but Nikkei 225 futures dropped 2.4 per cent to 21,955.The Sensex and Nifty had ended 0.05 per cent and 0.11 per cent lower on Friday, extending their losses to a third session in a row.(With inputs from Reuters)Get the latest election news, live updates and election schedule for Lok Sabha Elections 2019 on TheIndianSubcontinent.com/elections.

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