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Sensex, Nifty turn gloomy as Asian equities hover in red on US-China trade war jitters

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Published: March 26, 2018 9:24:39 AM

Indian stock markets opened almost flat in the negative region on Monday with Sensex and Nifty starting marginally lower following a downtrend in the other Asian equity markets on the back of an intensified trade war between the United States and China.

BSE Sensex lost 60.1 points or 0.18% to open at 32,536.44 and NSE Nifty shed 8.9 points or 0.09% to begin the day at 9,989.15 on Monday. (Image: PTI)

Indian stock markets opened almost flat in the negative region on Monday with Sensex and Nifty starting marginally lower following a downtrend in the other Asian equity markets on the back of an intensified trade war between the United States and China. BSE Sensex lost 60.1 points or 0.18% to open at 32,536.44 and NSE Nifty shed 8.9 points or 0.09% to begin the day at 9,989.15 on Monday. Going ahead, the domestic stock market will be steered by the trends on the ongoing trade war between the United States and China. The derivatives contracts expiry will also likely to inch up the volatility in a holiday-shortened week. India’s stock markets will remain closed on Thursday and Friday for Mahavir Jayanti and Good Friday.

Shares of Indiabulls Real Estate jumped over 4% to Rs 199.4 after the real estate firm inked a definitive agreement with global private equity investor Blackstone Group to divest 50% stake in its prime commercial properties in the megapolis for Rs 4,750 crore. Shares of Reliance Industries traded up 0.2% after Mukesh Ambani-led oil-to-telecom conglomerate signed an agreement for the combination of digital music service Saavn with JioMusic to create a digital media platform with global reach having a total value of over $1 billion.

Shares of the state-owned metals and mining giant MMTC surged 4% after Commerce & Industry Minister Suresh Prabhu said a merger of MMTC and STC is on the cards and the matter is under process. Shares of Union Bank of India traded little changed at Rs 87.45 after the bank had made 100% provision against Totem Infrastructure Limited fraud case, so there is no material impact. The stock of Union Bank of India touched an 11-year low on alleged fraud of Rs 1,394 crore on Friday. Shares of Yes Bank gained 0.4% after the fifth-largest private sector lender said that it has no exposure to gems and jewellery sector and it is de-risking its portfolio of big borrowers.

In the meantime, up until 23 March Foreign institutional investors have infused over Rs 8,400 crore in the Indian stock markets after pulling out Rs 10,000 crore from the debt markets during the same period under review.

Wall Street tumbled on Friday with more than 1,000 points knocked off the Dow in two days as investors, increasingly nervous about a potential US trade war with China, shied away from risk ahead of the weekend and sought shelter from further losses, Reuters said in a report. In a volatile session, the S&P 500 came within a hair of its 200-day moving average, a key technical level. The benchmark index also nudged closer to its February low, which marked a correction, ending 9.9 percent lower than its 26 January record, Reuters added. The Dow Jones Industrial Average fell 424.69 points, or 1.77 percent, to 23,533.2, the S&P 500 lost 55.43 points, or 2.10 percent, to 2,588.26 after hitting an intraday low that was barely above its 200-day moving average of 2585.22. The Nasdaq Composite dropped 174.01 points, or 2.43 percent, to 6,992.67.

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