Sensex slips over 50 points in early trade on weak global cues

By: |
Published: March 5, 2019 10:02:46 AM

Equities benchmark Sensex edged lower by over 50 points in early trade on Tuesday, tracking weak global cues amid caution on the US-China trade talks front and concerns over slowing Chinese economy.

Sensex slips over 50 pts in early trade on weak global cuesSensex slips over 50 pts in early trade on weak global cues

Equities benchmark Sensex edged lower by over 50 points in early trade on Tuesday, tracking weak global cues amid caution on the US-China trade talks front and concerns over slowing Chinese economy.

The 30-share BSE index was trading lower by 0.14 per cent, or 50.71 points, at 36,013.10 in the opening trade. The broader NSE Nifty was also quoted down by 0.13 per cent, or 14.60 points, at 10,848.90.

In the Sensex pack, weakness was seen primarily in capital goods, IT and financial counters.

Indian equities followed the weak trend prevailing on Asian bourses as investors awaited fresh developments in the China-US trade talks.

China lowering its growth forecasts for this year also played in the minds of cautious investors.

ALSO READ | Wall Street drops after weak data, healthcare slump

Globally, investors tracked losses on Wall Street, where the global rally hit a bump as optimism that the world’s top two economies are heading for a tariffs deal was replaced by a need for clarity on any agreement.

In Asia, Shanghai was down 0.2 per cent while Hong Kong slipped 0.6 per cent and Tokyo was 0.6 per cent lower.

Back home, the Sensex on Friday closed with 196 points gain to end at 36,064 and also posted its second straight weekly gains amid signs of easing tensions between India and Pakistan.

However, volatility erupted last week on domestic bourses after the Indian Air Force targeted Pakistan-based terror camps, leading to days-long geo-political tensions in the region. But investors now can heave a sigh of relief amid subsiding of skirmishes on the border between the two nations.

In the absence of any immediate key triggers, the domestic equity market would be guided by macro-economic data, crude oil prices, foreign fund inflows and currency movement in this holiday-shortened week, according to analysts.

Meanwhile, China has slashed its official GDP target to 6 to 6.5 per cent this year as the world’s second largest economy grapples with the ongoing trade war with the US and a continued economic slowdown.

Get live Stock Prices from BSE and NSE and latest NAV, portfolio of Mutual Funds, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.

Next Stories
1PFC on REC buy: Can’t shell out more than Rs 12,000 crore
2Don’t force us to sell more in depressed market: Sugar mills to govt
3Banking sector down for 21st consecutive week, liquidity deficit stands at Rs 94,585 crore