Market Update: Sensex drops 1,500 points amid fresh cues in US-China trade war

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Market Benchmark Index Sensex dropped over 1,500 points in the opening session on Monday due to weak global markets amid fresh cues in the US-China trade war.

Sensex opened 1,522 points or -4.51% down at 32,195.40 in the opening session on Monday.

Meanwhile, the broader Nifty 50 opened 500 points or -5.07 down at 9,359.90 in the opening session.

Sun Pharma was the only gainer in the market while others ran in red on the Bombay Stock Exchange.

In the previous session, the BSE barometer settled 997.46 points or 3.05 per cent higher at 33,717.62, while the Nifty soared 306.55 points, or 3.21 per cent, to 9,859.90.

Tensions escalated as coronavirus threatened the US-China trade war after Trump blamed China for the spread of virus. “Intelligence has just reported to me that I was correct, and that they did NOT bring up the CoronaVirus subject matter until late into January, just prior to my banning China from the U.S. Also, they only spoke of the Virus in a very non-threatening, or matter of fact, manner…” said US President Donald Trump on Twitter.

“….Fake News got it wrong again, as always, and tens of thousands of lives were saved by my EARLY BAN of China into our Country. The people that we’re allowed were heavily scrutinized and tested U.S. citizens, and as such, I welcome them with open arms!” he added.

Market remained closed on Friday for ‘Maharashtra Day’.

Foreign portfolio investors were net buyers in the capital market on Thursday, as they purchased equity shares worth Rs 1,968.80 crore, according to provisional exchange data.

The government on Friday extended the nationwide lockdown till May 17.

According to analysts, the market has realised that the cascading effect of the restrictions on the domestic economy and corporate earnings is much more than anticipated.

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