An evening walk down Dalal Street
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India market which managed to recoup morning losses but lost momentum in the second half of the trading session and closed near its crucial support placed at 10,800 on Monday.
Weak global cues weighed on sentiment and Nifty50 witnessed sustained selling pressure since morning. The opening level and the intraday high level was almost same which resulted in a ‘Bearish Belt Hold’ kind of pattern on daily charts.
Global stocks slid after US President Donald Trump announced tariffs on Chinese goods and Beijing responded with similar measures in an escalating trade dispute.
“Risk appetite in the global markets abated after US President Donald Trump gave a fillip to trade tensions by imposing a 25 percent tariff on a list of 818 items of Chinese goods worth around $34 billion,” Abhijeet Dey, Senior Fund Manager-Equities, BNP Paribas Mutual Fund.