SENSEX slides 700 pts, NIFTY50 slips below 23,300 on weak global cues; here's what happened during the weekend

At 09:50 AM, the S&P BSE SENSEX was trading at 76,786.78, down 714.21 points, or 0.92%, while the NSE's NIFTY50 index was trading at 23,224.90 levels, down 257.25 points, or 1.1%.

India VIX, the volatility index, was up over 4% at 14.72 levels.

Volatility Index is a measure of the market’s expectation of volatility over the near term. Volatility is often described as the “rate and magnitude of changes in prices".

During the weekend, US President Donald Trump announced 25% tariffs on goods imported from Canada, and Mexico, and an additional 10% on China.

Trump signed an order slapping 25% tariffs on goods from Mexico and Canada and a 10% duty on Chinese imports, due to start on Tuesday. Energy resources from Canada face a lower, 10% tariff to “minimize any disruptive effects we might have on gasoline and home heating oil prices,” CNBC reported, quoting a senior US administration official as saying.

Reacting to it, Canada has announced retaliatory tariffs against the US in a move that marks the beginning of a trade war between the countries.

As many as 16 stocks on the NIFTY50 index were trading in the green and 34 in the red.

The top five losers were BEL, BPCL, Hindalco Industries, and Coal India.

Broader Market

The broader market was trading with deeper cuts. The BSE MidCap index was trading at 42,352.19, down 532.09 points, or 1.24%, while the BSE SmallCap index was trading at 49,294.62, down 805.18 points, or 1.61%.

Sector Watch

All sectoral indices on the BSE were trading with losses. The biggest loser were capital goods stocks.

The BSE CAPITAL GOODS index was trading at 59,946.67 levels, down 2,635.06 points, or 4.21%.

Other top losers were power and metal indices.