New Delhi: The stock market snap-ped a three-day winning run, tracking declines in global stocks, as calls for an impeachment of US President Donald Trump rattled investors. Trump putting China on notice at the United Nations conference—by declaring that the time of trade “abuses” by Beijing was “over” and asking Beijing to protect Hong Kong's “democratic ways of life”—also weighed on investor sentiment.
The Sensex dropped 504 points, or 1.3 per cent to 38,593.52 on Wednesday while the Nifty-50 fell 148 points, or 1.28 per cent, to 11,440.20. Both indices rose more than 8 per cent in the previous three sessions post-the corporate tax cut.
Global stocks fell on Wednesday after Democrats in the US House of Represen-tatives on Tuesday launched a formal impe-achment inquiry into Trump, accusing him of seeking foreign help to smear Democratic rival Joe Biden ahead of next year’s election.
Trump’s stinging rebuke to China’s trade practices at the UN also stoked fears of an escalation in the ongoing trade war.
India remains the most expensive market in emerging Asia even as analysts increased earnings estimates for the benchmark indices by as much as 10 per cent.
