INSUBCONTINENT EXCLUSIVE:
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
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