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Home / Business News / Sensex, Nifty slide on border tensions with China

Sensex, Nifty slide on border tensions with China

India said it had foiled an attempt by Chinese troops to change the status quo on the ill-defined border between the two nuclear-armed countries.

business Updated: Aug 31, 2020, 15:04 IST
Reuters | Posted by Kanishka Sarkar
Reuters | Posted by Kanishka Sarkar
Bengaluru
Stockbrokers watch the Bombay Stock Exchange (BSE) index on a trading terminal in Mumbai.
Stockbrokers watch the Bombay Stock Exchange (BSE) index on a trading terminal in Mumbai. (AP File Photo )

Indian shares fell sharply on Monday afternoon, as a fresh flare-up on the disputed border between India and China wiped all gains that stemmed from optimism around the latest government directives to open up the country’s economy further.

The blue-chip NSE Nifty 50 index dropped 2.03% to 11,411.05 by 0815 GMT and the S&P BSE Sensex slid 1.92% to 38,710.37. Both indexes had climbed more than 1% earlier in the session.

India said it had foiled an attempt by Chinese troops to change the status quo on the ill-defined border between the two nuclear-armed countries.

“The market was trading in an over-bought zone, so a selloff was expected, and the news of fresh tensions at (the India-China) border has impacted sentiment,” said Rahul Sharma, market strategist and head of research at Equity99 in Mumbai.

Data on India’s June-quarter gross domestic product is expected at around 1200 GMT on Monday. Asia’s third-largest economy likely suffered its largest quarterly slump on record, the data is likely to show.

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