Indian stock markets started flat on Monday with Sensex and Nifty beginning marginally higher following an uptick in most of the Asian equities led by a jump in US stock futures.
Indian stock markets started flat on Monday with Sensex and Nifty beginning marginally higher following an uptick in most of the Asian equities led by a jump in US stock futures. However, the major US stock indices posted heavy drops on Friday last week with Dow Jones Industrial Average tumbling as much as 572 points after the worries over trade war between US and China escalated. Going ahead in the week, Indian equities will likely to be steered by the dawn of corporate earnings, macroeconomic data, trade-tariffs issue and several domestic factors such as the arrival of monsoon.
BSE Sensex gained 26.64 points or 0.08% to start at 33,653.61 whereas NSE Nifty opened at 10,333.7, up by 2.1 points or 0.02% on Monday. Among the major round of fourth-quarter and FY18 earnings, India’s second-largest IT company Infosys is scheduled to announce the financial results on 13 April. Amid the macroeconomic data-packed week, retail inflation numbers are set to be announced on Thursday. Within minutes of trading, the benchmark Sensex extended gains rising to a day’s top of 33,763.42, up by 136.45 points.
Shares of Kotak Mahindra Bank, HDFC Bank, HDFC ITC, L&T, and Reliance Industries led the key equity indices higher on Monday with shares of Kotak Mahindra Bank, Tata Steel, IndusInd Bank, Yes Bank, M&M, L&T rising up to 1.5%. Shares of ICICI Bank and Bharti Airtel were the top laggards among the components of BSE Sensex. The stock of Bharti Airtel tanked 2.23% to a day’s low of Rs 376.8 while the shares of ICICI Bank plunged more than 2% to Rs 274.7.
Shares of the largest and the second-largest PSU lenders State Bank of India and Punjab National Bank traded up after both the banks put their 15 non-performing assets worth Rs 1,063 crore for sale. The stock of State Bank of India surged 1% to Rs 262.75 whereas PNB shares inched up 2.1% to Rs 104.3.
US stocks dropped about 2% on Friday, with the Dow falling more than 570 points, as US President Donald Trump’s latest tariff threat on Chinese imports fueled increasing concern over a US trade war with China, Reuters said in a report. The Dow Jones Industrial Average fell 572.46 points, or 2.34 percent, to 23,932.76, the S&P 500 lost 58.37 points, or 2.19 percent, to 2,604.47 and the Nasdaq Composite dropped 161.44 points, or 2.28 percent, to 6,915.11.