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Stock Market Latest Updates: Sensex drops 260 points, Nifty below 9,000-mark; Axis Bank, Bajaj Auto among major losers

FP Staff

Stock Market Latest Updates: Sensex drops 260 points, Nifty below 9,000-mark; Axis Bank, Bajaj Auto among major losers

Washington: Asian shares were set for another retreat on Friday as US.-China tensions curbed investor risk appetite and caused global equity markets to stumble.

Hong Kong futures  fell 1.59 percent and Nikkei futures were trading below the Nikkei 225 index's previous close, pointing to opening loss of 0.1 percent.

Australian S&P/ASX 200 futures  eased 0.13 percent.

Global equities pulled back after Beijing was set to impose new national security legislation on Hong Kong. The move drew a warning from President Donald Trump, who said the United States would react 'very strongly' against it.

The back-and-forth between the world's two largest economies stoked worries that the tensions could threaten 'Phase 1'" of a US-China trade deal reached early this year. That prompted Wall Street shares to slip from the two-month highs made in the previous session on hopes of a economic recovery as governments began to lift their coronavirus restrictions.

The majority of the 11 S&P sector indexes declined, leaving the main benchmark S&P 500 down 0.78 percent. Dow Jones Industrial Average finished down 0.41 percent and the Nasdaq Composite fell 0.97 percent.

The US dollar, seen as a safe-haven, rose amid those concerns. The dollar index, which measures the greenback's strength against six major currencies, was up 0.1 percent.

Spot gold also typically seen as a risk-off option, was little-changed after losses of 1 percent as investors booked profits or opted for cash.

Brazil's real BRBY jumped after the central bank said it was ready to increase support for the currency. The country is expected to soon become the second-worst hit globally by the pandemic as cases approach 300,000.

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