Closing Bell: Sensex Drops 198.54 Points, Nifty Down 46.80 Points On Weak Global Cues

Continuing its downward trend for the third consecutive day, the BSE Sensex Thursday declined 198.54 points and ended at 38,106.87 on weak Asian markets amid fresh trade war fears.The NSE gauge Nifty too fell about 46.80 points to end at 11,313.10.

On Tuesday, the Sensex fell 361.92 points or 0.94 per cent to close 38,305.41. The broader Nifty too closed lower by 114.55 points, or 1 per cent, at 11,359.90. Stock markets were shut on Wednesday on account of Gandhi Jayanti.

Investors remained cautious as weak American jobs data raised concerned about the global economy, while the WTO triggered fresh trade war fears after it allowed the US to impose tariffs on the European Union, experts said.

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Meanwhile, The Indian rupee opened on a cautious note and fell 28 paise to 71.35 against the US dollar in early trade on Thursday amid rising crude oil prices and unabated foreign fund outflows. 

Forex traders said weak opening in domestic equities and rising demand for the US dollar vis-a-vis other currencies overseas also weighed on the domestic currency.

(With PTI Inputs)