Nifty drops 116 points as US-China trade spat escalates

The NSE Nifty skid 116 points to end at 10,128.40 today following widespread selling amid escalating trade tussle between China and the US.

Meanwhile, investors are awaiting the outcome of RBI's Monetary Policy Committee meeting due tomorrow.

Overseas, European and most Asian stocks dropped after China today announced additional tariffs on USD 50 billion of US goods.

The Nifty fell by 116.60 points or 1.14 percent to close at 10,128.50, after moving in a range of 10,279.85 and 10,111.30.It saw an intra-day movement of about 168.55 points.

Sector-wise, Metal fell 2.57 per cent, PSU Bank 1.69 per cent, Media 1.70 per cent, Infra 1.66 per cent, Bank 1.55 per cent, Private Bank 1.52 per cent, Finance Service 1.38 per cent, Realty 1.31 per cent, Pharma 1.10 per cent, Energy 1.05 per cent, IT 0.99 per cent and FMCG 0.22 per cent. Auto rose 0.40 per cent.

Major index gainers were Tata Motors, Eicher Motors, HUL, Bajaj Finance, Hero MotoCorp, Adani Ports and Cipla.

The losers included UPL, Vedanta, Tata Steel, Hindalco, Titan, BPCL, HPCL and Larsen.

The market breadth, indicating its overall health, was in favour of losers. On the NSE, 736 stocks advanced, 1,064 declined and 61 remained unchanged.

As many as 277 securities hit their price bands. Turnover in the cash segment rose to Rs 32,857.80 crore from Rs 28,252.91 crore as Tuesday.

A total of 18,220.45 lakh shares changed hands in 1,17,68,235 trades. The market capitalisation of listed firms on NSE stood at Rs 1,42,39,068.16 crore.