Indian equity indices opened Monday’s trading session on a lower note as trade tensions between the two largest economies renewed. The NSE Nifty 50 pulled back 72 points or 0.29% to open at 25,213. The BSE Sensex opened 236 points or 0.29% lower at 82,265.
The Bank Nifty opened 114 points or 0.20% lower at 56,496. Similarly, the small and midcap stocks opened the day on a negative note. The Nifty Midcap declined 232 points or 0.40% to open at 58,465.
“Stability appears to be returning to global stock markets, after the Friday sell-off triggered by President Trump’s threat to impose an additional 100% tariff on China, thereby reigniting the US-China trade war. Latest comments from President Trump indicate that he is chickening out, as he has many times before,” said VK Vijayakumar, Chief Investment Strategist at Geojit Investments.
Particularly, his remark, “don’t worry about China”, indicates that the feared trade war may be averted. Recovery in US futures indicates that the market is not unduly worried about the latest developments. Chances are that this sabre rattling by the world’s two largest economies is temporary,” added Vijayakumar.
Let’s take a look at the key factors to watch out for today’s trading session
Early gainers and laggards
In early trade, among the Nifty 50, top gainers at this hour were IndiGo, Asian Paints, Bharti Airtel, Bajaj Auto, and Eicher Motors. On the flip side, the key laggards in the Nifty 50 pack included ONGC, Tata Motors, Wipro, Bharat Electronics, and Infosys.
Major movers on Monday
The stocks that were the major movers in the opening trade included Bharti Airtel, SBI, Maruti Suzuki, Bajaj Auto, and IndiGo, which were the major movers in the morning trade.