Indian shares traded lower in the afternoon session on Thursday, in line with the global markets selloff, as worries over US-China trade war continued to weigh on investor sentiment. Corporate results and caution ahead of national election outcome also weighed on the local markets.
At 1:47 pm, the S&P BSE Sensex was down 298.72 points, or 0.79 percent, at 37,490.41, and the Nifty 50 slipped 86.55 points, or 0.79 percent, at 11,272.90.
Among sectors, private banks, pharma, metal and FMCG are trading in red. While, media, IT, auto, realty and PSU banks are in the green territory.
Zee Entertainment, Yes Bank, Indiabulls Housing Finance, Hero MotoCorp and Tata Motors were among the major gainers on Nifty 50, whereas NTPC, Reliance Industries, BPCL, Bharti Infratel and Dr Reddy's Laboratories were among the laggards.
Reliance Industries slipped over 3 percent after Morgan Stanley downgraded the company's rating, citing headwinds in the energy business. The brokerage cut RIL's rating to 'equal-weight' and revised the target price to Rs 1,349 per share from Rs 1,230 earlier.
Shares of Zee Entertainment has surged 9 percent intraday after managing director and CEO Punit Goenka said that the stake sale process is at an advanced stage and the company is in talks with multiple parties.
Asian markets were trading lower on Thursday afternoon as investors remained cautious after the US President Donald Trump claimed China "broke the deal" in the ongoing trade negotiations between Beijing and Washington.
MSCI’s broadest index of Asia-Pacific shares outside Japan was off 1.09 percent.
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First Published: IST