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Sensex, Nifty fall as metal stocks drag on fresh trade war worries

A broker reacts while trading at his computer terminal at a stock brokerage firm in Mumbai, February 26, 2016. REUTERS/Shailesh Andrade/Files

BENGALURU (Reuters) - Indian shares closed lower on Tuesday, as metal stocks fell due to worries of a broadening trade war after U.S. President Donald Trump slapped tariffs on select metal imports from Brazil and Argentina.

The NSE Nifty 50 index closed 0.45% lower at 11,994.2 while the S&P BSE Sensex slipped 0.31% to 40,675.45.

Tata Steel Ltd dropped 5%, while JSW Steel Ltd slipped 4.1%. The Nifty Metal index fell 2.6% and marked its worst day since Oct. 3.

Jindal Steel And Power Ltd fell 6.1% after reports said the country’s top court declined to allow sale or transport of 20 billion rupees worth iron ore claimed by the company.

Yes Bank Ltd was the top loser on both indexes, falling 7.1% after analysts questioned the quality of investors in its $2 billion fund raise.

Reporting by Chris Thomas in Bengaluru; Editing by Rashmi Aich