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Sensex down 150 points as US-China tension looms large

Indo Asian News Service

Mumbai, Jan 29 (IANS) Sensex and Nifty traded lower following the Asian stocks during Tuesday's afternoon session after the US brought criminal charges against Chinese telecom giant Huawei that could escalate the US-China trade tensions.

In an overnight development, the US Justice Department filed criminal charges against Huawei accusing the world second largest smart phone marker of bank fraud, obstruction of justice and theft of technology.

At 1 p.m., the S&P BSE Sensex traded 154.74 points lower at 35,501.96 after it opened marginally higher on the day and traded in a short range.

The broader Nifty was down 41.60 points or 0.39 per cent at 10,619.95.

The financials, IT and metal sectors on the BSE were in the red while the telecom and metal stocks gained.

Stock-wise, Sun Pharma gained the most on Sensex, up 2.66 per cent followed by Tata Motors (DVR), State Bank of India, Bajaj-Auto and Tata Motors.

The laggards were -- Yes Bank, Reliance Industries, Power Grid, Infosys and HDFC -- declining up to 2 per cent.

--IANS

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