Market sell-off continues, Sensex falls 150 points in volatile trade

Mumbai: Extending losses for the third day, stock markets closed in the red on Thursday. Selling pressure in oil & gas, FMCG, metal, PSU, bank and power stocks amid a depreciating rupee to weighed on market sentiment.

The benchmark BSE Sensex fell 150.20 points or 0.44 percent to 33,685.54 while the NSE Nifty closed 50.75 points or 0.49 percent down at 10,360.15.

Major laggards were Axis Bank, Hindustan Unilever, ICICI Bank, Reliance Industries, Tata Steel and Yes Bank falling by up to 2.10 percent.

After opening in the positive zone at 33,843.47, the Sensex advanced to the day's high of 33,866.28 at the outset. It later gave up gains and fell to a low of 33,637.28, dragged down by banking stocks.

The broader NSE Nifty, after cracking below the key 10,400-mark, touched a low of 10,346.20.

Asian markets staged a recovery from early losses Thursday but investors stayed cautious as trade war fears return to the fore, with worries Donald Trump will go full-steam ahead with his "America First" protectionist agenda.

Investors were back on the ropes after the US said Wednesday it would take action at the World Trade Organization against Indian export subsidies.

That came soon after it emerged Trump is considering tariffs on billions of dollars in Chinese tech and telecoms imports as he takes aim at alleged intellectual property breaches by Beijing.

The news saw a return to volatility after a few days of respite from last week`s controversial announcement of levies on steel and aluminium imports.

Adding to the unease among traders is the departure of market-friendly economics advisor Gary Cohn this month and Tuesday`s sacking of moderate secretary of state Rex Tillerson.