Asian stocks skidded to a four-month low as US threatened new tariffs on Chinese goods.
The domestic equity market turned negative on Tuesday as it tracked global cues.
At 9:35 am, the SP BSE Sensex was at 35,416.25, down 132.01 points or 0.37 per cent while the broader Nifty50 was at 10,747.30, with a loss of 52.55 points or 0.49 per cent.
The top laggards in the 50-share Nifty pack were Hindustan Petroleum (down 2.84 per cent), Bharat Petroleum (down 2.77 per cent), Indian Oil Corporation (down 2.62 per cent), Vedanta (down 1.46 per cent), and Infosys (down 1.21 per cent).
ICICI Bank, which named Sandeep Bakhshi as its chief operating officer for five years, lost 0.82 per cent.
CEO and managing director Chanda Kochhar will go on leave till an independent probe into allegations of impropriety against her is completed, the bank said on Monday.In the sectoral space, pharma stocks were the only gainers as Nifty Pharma index was up 0.02 per cent.
Nine out of 12 bank stocks in the Nifty Bank index traded with losses.Technical experts suggested bulls and bears are in a tug of war.
"Nifty is unfolding into a corrective pattern wherein a tug of war between bulls and bears leads to consolidation in markets.
On the higher side, 10,860-10,900 could be strong resistance where in tremendous selling pressure has been observed.
Buying demand has been observed in the 10,700 level.
We may expect breakout on either side, which will decide the trend," said Dyaneshwar Padwal, AVP-technical analysis, KIFS Trade Capital.Meanwhile, Asian stocks skidded to a four-month low as US President Donald Trump threatened new tariffs on Chinese goods in an escalating tit-for-tat trade war between the world's two biggest economies that have rattled financial markets.
MSCI's broadest index of Asia-Pacific shares outside Japan lost more than 1 per cent to its lowest level since early June, dragged down by a slide in Chinese shares, according to a report by news agency Reuters.
The Shanghai Composite Index dropped 1.6 per cent and Hong Kong's Hang Seng shed 2 per cent.In the commodities market, Brent crude futures fell 1.18 per cent to trade at $72.57 per barrel and US crude futures declined 1.97 per cent to $63.77 per barrel.On Monday, foreign portfolio investors net sold equities worth Rs.
754.43 crore while domestic institutional investors net purchased shares worth Rs.
824.1 crore, according to provisional data from the National Stock Exchange (NSE).
The Sensex had closed at 35,548.26 while the Nifty50 had settled at 10,799.85.
(With Reuters inputs)