Sensex breaks below 38,000, Nifty below 11,500; 5 factors weighing on market

Weak global cues, trade war fears and rupee's sharp fall, among others, are likely dragging the market lower.

The Sensex fell over 350 points while the Nifty saw a cut of over 100 points in the first 30-minutes of trade. The market breadth is negative as 607 shares advanced, against a decline of 965 shares, while 102 shares are unchanged.

Wipro, Sun Pharma, and HCL Technologies are the top gainers, while Axis Bank, State Bank of India, Titan and Indiabulls Housing have lost the most.

Here is a list of top factors which could be weighing on markets:

Weak Global cues:

A flat close on Wall Street and a muted trend seen in other Asian markets hinted at a weak opening for Indian markets. Wall Street ended mixed amid news of trade wars.\

Trade war Fears:

Media reports suggest that the U.S. President Donald Trump is likely to announce new tariffs on about $200 billion on Chinese imports as early as Monday, a senior administration official told Reuters.

Rupee extends losses:

The Indian rupee extended its losses to 72.64 per dollar, down 79 paise, after it opened lower by 67 paise at 72.52 per dollar versus Friday's close 71.85.

Govt measures inadequate:

Over the weekend, the government announced a slew of measure to bring down current account deficit (CAD) and cap losses in the rupee. However, most experts feel that the measure outlined by the government might not be adequate.

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