NEW DELHI: Indian domestic indices soon took a turn for the worse, after opening mildly higher in morning trade on Friday, after US hiked tariffs on Chinese goods.
Other Asian markets traded mixed after the tariff hike.
MSCI's broadest index of Asia-Pacific shares outside Japan was up 0.3 per cent, led by gains in Chinese shares.
China markets were on midday break when the higher tariffs took effect.
The Shanghai composite rose as much as 3.1 per cent early on Friday before paring much of that gain, leaving it up 1.5 per cent.The BSE benchmark Sensex was down 28 poinst or 0.07 per cent at 37,531 whereas its NSE counterpart Nifty was trading at 11,294, down 7 poinst or 0.061 per cent."The index needs to hold key support of 11,200-11,250 and enter a base formation to see a pause in the ongoing correction.
The recent consolidation breakdown area 11,550 would now act as stiff resistance, as per change of polarity concept earlier support would now act as resistance," said ICICI Direct in a note.Reliance Industries was the biggest Sensex gainer, up around nearly 2 per cent, after Mukesh Ambani-led company acquired iconic British toy-maker Hamleys for around Rs 620 crore in an all-cash deal.
Other gainers included -- ICICI Bank, Vedanta, Tata Motors, SBI and Tata Steel.On the other hand, HCL Tech fell the most, down 4 per cent, following its March quarter numbers.
The IT services major posted a 14.3 per cent rise in its consolidated net profit at Rs 2,550 crore for the March 2019 quarter and set an "aspirational" annual revenue target of more than USD 10-billion (about Rs 70,258 crore) in FY2019-20.
Asian Paints, Kotak bank, Coal India, HUL and Power Grid joined HCL Tech on the loserboard.On the BSE sectoral front, realty was the biggest gainer.
Meanwhile, FMCG, telecom, consumer durables, oil gas were among the sectoral losers.BSE Midcap and BSE Smallcap traded marginally higher, up 0.02 per cent and 0.14 per cent respectively.The markets would keep an eye on stocks such as the State Bank of India (SBI), Larsen Toubro (LT), Eicher Motors, Allahabad Bank, Canara Bank, PVR, Oberoi Realty, Syndicate Bank, Vakrangee and Venkys which will report their March quarter results on Friday.