March 23, 2018 / 6:32 AM / 4 months ago

Sensex, Nifty drop to lowest close since October on trade war fears

(Reuters) - Indian shares fell over 1 percent on Friday, with the broader NSE index closing below the 10,000 level for the first time since October, after heated rhetoric between the United States and China over import tariffs sparked fears of a global trade war.

A man walks past a screen displaying news of markets update inside the Bombay Stock Exchange (BSE) building in Mumbai, India, February 6, 2018. REUTERS/Danish Siddiqui/Files

The NSE Nifty closed 1.15 percent lower at 9,998.05, while the benchmark BSE Sensex ended down 1.24 percent at 32,596.54.

The Nifty posted its lowest close since Oct. 11, closing 1.9 percent lower for the week. The Sensex posted its lowest close since Oct. 23, declining 1.8 percent this week.

Banking stocks were the biggest losers, with HDFC Bank Ltd shedding 1.4 percent and ICICI Bank Ltd ending 2.7 percent lower.

Reporting by Krishna V Kurup in Bengaluru; Editing by Subhranshu Sahu

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