Equity benchmark indices slipped further after the US President declined to give a deadline to impose a fresh round of tariff on Chinese imports that further fuelled the trade stand-off between China and the US. The Sensex was quoting at 39,490, down 267 points, while the Nifty was at 11,827, down 79 points.
Further, the local currency edged lower against the US dollar after opening marginally higher against the greenback at 69.37/$.
Cox & Kings, LT Foods, Emami Paper Mills, Eros International Media, Healthcare Global Enterprises, Indiabulls Integrated Services, Biocon, CEAT, Central Bank of India, Coffee Day Enterprises, Jet Airways, Khadim India, Lumax Industries, Manpasand Beverages, Reliance Communications and Reliance Capital have touched their 52-week lows on NSE.
The Nifty IT index was trading in the negative zone on Thursday as selling pressure seen in Infibeam and Oracle Financial Services Software.
Shares of Tata Elxsi slipped 1.5%, followed by HCL Tech and NIIT Tech which were down 1% each, while Tech Mahindra, Mindtree, Wipro and Infosys were trading in the red.
On the other hand, shares of Tata Consultancy Services (TCS) extended gains for the fifth consecutive trading session to hit an all-time high in the early morning trade on NSE. The stock rose 5% over the past five days.
The Nifty Metal index also witnessed heavy sell-off as the index lost around 0.68%. Metal major NMDC crashed 3%, followed by Hindustan Copper, Vedanta, Coal India, Tata Steel, Jindal Steel & Power, Hindalco and JSW Steel dipped in the range of 1-2%.