Bears trample bulls as global fears shake mkts

Markets Tumble

- Ram Sahgal

MUMBAI: On a day global stock indices were battered by rising international trade tensions induced by US President Donald Trump, Indian markets followed their slump, with all gauges dipping sharply.

Japan's Nikkei and China's CSI 300 fell 2.88% and 1.97%, respectively, amid weak openings for Germany's Dax and French CAC.

Almost on cue, the Indian benchmarks—Nifty and Sensex—plunged 1.9% each to 22,124.7 and 73,198, respectively, leaving investors poorer by ₹9 lakh crore on Friday.

Foreign portfolio investors (FPIs) dumped shares worth a provisional ₹11,639 crore and shorted index futures worth ₹2,474 crore.

While domestic institutional investors (DIIs) purchased shares worth ₹12,309 crore, likely selling of leveraged positions by retail investors combined with FPI selling in cash and derivatives offset their buying, said analysts.