Asian markets slipped in Friday trading, tracking the sharp falls in Wall Street and European markets, which took a hit on fears of a potential trade war.

ICICI Bank, HDFC Bank, Reliance Industries, Vedanta, HDFC, Axis Bank, L&T, SBI, Tata Motors and Yes Bank slipped up to 3 percent while GAIL was the only gainer among Nifty50 stocks.

The market has recovered a bit from day's low and bulls are trying hard to defend 10,000 level.

The 30-share BSE Sensex was down 365.35 points or 1.11 percent at 32,640.92 and the 50-share NSE Nifty fell 115.65 points or 1.14 percent to 9,999.15.

Benchmark indices opened sharply lower on Friday, tracking steep fall in global peers on US-China trade war worries.

The Sensex fell more than 450 points and the Nifty breached 10,000-mark for the first time in 2018.

About 25 shares declined for every share rising on the NSE.

HCC, Union Bank, Reliance Communications, Bank of Baroda, PNB, Bank of India, Canara Bank, IVRCL, GMR Infrastructure, Nalco, JSPL, and SAIL fell up to 7 percent.

Richard Harris, Chief Executive, Port Shelter Investment Management told CNBC-TV18 that equity market is pricing in the bad news w.r.t possible trade war and equity markets are doing what they should be doing.

"You have to be bullish on US equities. I think there is still a Goldilocks scenario in the US economy," he said.

Jahangir Aziz, Asia Economic Research at JPMorgan expects the value of all items under higher tariffs should be USD 50 billion.

"We need to see what items the US imposes tariffs on with their aggregate value. US' next move on IP protection is going to be significant to track," he said.

Benchmark indices settled with more than 1 percent loss in pre-opening trade.

The 30-share BSE Sensex was down 355.38 points or 1.08 percent at 32,650.89 and the 50-share NSE Nifty was down 146 points or 1.44 percent at 9,968.80.

Daniel Hynes, Senior Commodity Strategist at ANZ Research said global trade moves could have wide ramifications for the oil market.

Oil could spike higher due to declining inventories & geopolitical risk, he feels.

Brent crude futures were up 0.93 percent at USD 69.55 a barrel while US crude futures rose 1.09 percent to USD 65 a barrel.

Benchmark indices slipped sharply in pre-opening trade, following global weakness after US-China trade war concerns.

The Nifty fell below 10,000 levels for the first time since October 12, 2017.

The 30-share BSE Sensex was down 291.80 points at 32,714.47 and the 50-share NSE Nifty fell 149.90 points or 1.48 percent to 9,964.90.

Lewis Alexander of Nomura told CNBC-TV18 that Donald Trump's bark has been worse than his bite' as recent developments are risky & can spiral out of control.

"We have seen a desire by US' partners like Europe & China to be proportional. If retaliation is proportional, then don't think this is a disaster," he said.

Trump administration has crossed lines that have never been crossed before, he feels.

Ken Peng of Asia Pacific Investment Strategist at Citi Private Bank told CNBC-TV18 that MSCI China's exposure to US export revenue is 3 percent and Chinese listed companies' revenue exposure to the US is limited.

Hence, US' move on China tariff does not have to result in a bigger trade war, he feels.

He expects further downside in global markets for the near-term and doesn't expect this trade issue to be resolved very quickly.

He further expects intense volatility in global markets in the coming months.

Coming back to India, fiscal worries are not resolved yet, he said, adding the collateral damage in Indian & European markets should reverse.

"Its bit early to draw the conclusion that it's time to buy into India," Peng said.

Japan said it would closely watch US' moves on China tariffs and would keep seeking exemptions from US import tariffs.

"We want to closely communicate with the US over trade as retaliation against US trade measures could destroy free trade system," it said, adding it would consider necessary steps within WTO Framework.

China Commerce Ministry said we resolutely oppose US unilateralism, protectionism w.r.t Section 301 probe.

China has fully made preparations to defend its legitimate interests and doesn't want a trade war but is not afraid of one.

"We hope the US to be prudent in its decisions & will pull back 'from the brink'," he said. China urges the US not to take bilateral trade relations to a 'Dangerous Place'.

BPCL: Sell around 420 - 425| Target 385 - 370| Stop Loss 439| Timeframe 15 to 21 sessions| Return 10%

Ashok Leyland: Sell around 144 - 146| Target 136 - 132| Stop loss 149| Timeframe 15 to 21 trading sessions| Return 7%

Persistent Systems Ltd: Buy around 785 - 780| Target 875| Stop loss 740| Timeframe 15 to 21 trading session| Return 11%

Disclaimer:- The views and investment tips expressed by investment experts are their own. Ripples Advisory advises users to check with certified experts before taking any investment decisions.

United Spirits will consider sub-division of equity shares.
Indraprastha Gas announced a reduction in CNG price in Uttar Pradesh.

Idea Cellular says existing leadership teams will continue to manage their separate businesses.

CBI registered a case on a complaint filed by Union Bank of India against Totem Infra.

Tata Sons appointed Tanmoy Chakrabarty as its government affairs officer.

Hero Motocorp has hiked stake in Colombian joint venture to 68 percent.

Indian indices are likely to see a big gap down opening on Friday, tracking global weakness on US-China trade war concerns.

The SGX Nifty is also indicating the negative opening for the Indian market, falling 119 points at 9,998.50.

Asian markets fell sharply, tracking the steep fall on Wall Street and European markets, which took a hit on fears of a potential trade war.

US stocks dropped on Thursday, as Dow Jones industrial average slipped 724 points, down 2.9 percent to 23,957.89, which is the biggest decline since February 8. The Standard & Poor's 500 fell 2.5 percent to 2,643.69 and Nasdaq Composite declined 2.3 percent at 7,166.68.

Trump signed a presidential memorandum on Thursday that could impose tariffs on up to USD 60 billion of imports from China, although the measures have a 30-day consultation period.

Investors fears that China may retaliate with its own tariffs that could escalate into a trade war, with potentially dire consequences for the global economy, reported Reuters.

Global trade war concerns a day after Fed's message on 3 rate hikes pushes dollar index to a one-month low. While the yen hit a 16-month high against the dollar as traders seek safety in the Japanese currency. The Hong Kong dollar fells to a new 33-year low.

Follow us on Facebook, for more such news.

For Two days Free Trials and best services packages for dealing in Stock market click here to get >> Free Stock Tips or in One Missed call on @9644405056