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The Sensex has now lost about 970 points in three days, largely due to rupee woes, high crude oil prices, unabated foreign fund outflows and escalating trade tensions
The index tanked 970 points or more than 2.5 per cent since Monday, largely hit by rupee woes and escalating trade tensions between the US and China.
Stocks saw a positive start as the Sensex touched a high of 37,530.63 intra-day in tune with the rupee recovering from its record low.
The rupee strengthened 0.7 per cent to 72.5350 per dollar on Wednesday, after hitting an all-time low of 72.99 in the previous session.
The 30-scrip Sensitive Index (Sensex) on Wednesday opened on a positive note during the morning session of the trade.
The domestic currency after remaining range-bound was quoting lower by 27 paise at 72.78 (intra-day) against the US dollar in late afternoon trade.
Asian shares fell, and copper prices eased after Washington announced new tariffs on Chinese imports, inflaming trade tensions between the world's two biggest economies.
The 30-share BSE index gained 159.93 points or 0.42 per cent in opening trade but soon turned choppy falling 37.10 points, or 0.10 per cent, to 37,548.41.
Escalating trade war tensions between the US and China, as well as the rupee worries, have dented the market sentiment, experts said.
The S&P BSE Sensex, which had opened at 38,027.81 points, provisionally closed at 37,585.51 points, lower by 505.13 points or 1.33 per cent from the previous close of 38,090.64 points.
Most Asian markets slipped amid reports Washington was about to announce a new round of tariffs on Chinese imports, setting the stage for possible reprisals by Beijing.
The BSE 30-share barometer dropped 366.52 points, or 0.96 per cent, to 37,724.12 driven by losses in index majors Axis Bank, SBI, Asian Paint, Tata Motors, HDFC and HDFC Bank.
The fresh tariffs are aimed at putting pressure on Beijing ahead of tough negotiations on its demand for technology transfer from US companies.
Brokers said sentiment was bullish on continuous recovery in the rupee amid reports that the government may announce steps to prop up the domestic unit.
The NSE Nifty50 also surged around 120 points during the afternoon session of trade. So far, sector-wise, consumer durables stocks led the increase in the market.