Share Market today: Sensex ends 356 points down, Nifty slips below 11,250 as trade war tensions escalate

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Updated:Aug 02, 2018 3:54:54 pm

Share Market today: Indian stock markets (Sensex and Nifty) dipped further in the late afternoon deals following the negative closing in other Asian markets and subdued global cues on the back of renewed trade war tensions between US and China.

Share Market today: People roaming outside the Bombay Stock Exchange building. (Image: Reuters)

Share Market today: Indian stock markets (Sensex and Nifty) ended in the red on Thursday, following the onset of fresh trade war worries. The Sensex dipped in the late afternoon deals following the negative closing in other Asian markets and subdued global cues on the back of renewed trade war tensions between US and China. BSE Sensex ended the day’s session at 37,165.16, down 356.46 points while NSE Nifty slipped below the psychological level of 11,250 to a day’s low at 11,249.95, down 96.25 points, and ended the day at 11,244.70. Shares of HDFC Bank, Reliance Industries, HDFC, Kotak Mahindra Bank, ITC, Maruti Suzuki, TCS and M&M were the major draggers in Sensex and Nifty today.

The major sentiment dampeners in the day’s trade include RBI’s repo hike by 25 basis points, declines in the regional Asian shares following downbeat Wall Street and renewed trade war spat between US and China. Meanwhile, the US Federal Reserve kept the interest rates unchanged yesterday.

Asian stocks dropped on Thursday as the latest escalation in the Sino-US trade war hit Chinese shares, while global bond markets were rattled by increased borrowing by Washington and Japan’s new tolerance for higher yields, a Reuters report said. The US administration on Wednesday increased pressure on China for trade concessions by proposing a higher 25% tariff on $200 billion worth of Chinese imports, the report added. We bring to you the key highlights of today’s trade.

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    15:19 (IST)02 Aug 2018
    Tesla shares rise as cash burn reduces

    Elon Musk-run Tesla reported second-quarter earnings after the close, and beat revenue estimates for the quarter, even as the loss came in wider than expected. Tesla reported an earnings per share loss of $3.06 vs. a loss of $2.88 expected, and revenues of $4 billion versus $3.92 billion expected.

    14:52 (IST)02 Aug 2018
    Sensex Live: Stock market dives into deep red

    14:44 (IST)02 Aug 2018
    Rupee retreats from 1-month high vs USD

    The Indian rupee lost about 31 paise from the day's high as renewed trade war tensions between US-China dragged Asian currencies. The rupee fell 31 paise to a day's low of 68.5775 per unit USD, Bloomberg data showed. 

    14:41 (IST)02 Aug 2018
    US dollar rallies

    The US dollar rallied on Thursday as the Federal Reserve's upbeat assessment of the economy combined with a flare-up in the trade tensions between the United States and China to boost demand for the US currency, Reuters reported. 

    14:40 (IST)02 Aug 2018
    Chinese stock market melting again?

    The Shanghai Composite index is the world's second-worst-performing major stock index this year, having fallen 16.3% year-to-date while The CSI300, the world's worst-performing index, has lost 16.4%, a Reuters report said. As share prices fall, China's state media has taken on the role of cheerleaders for Beijing's economic leadership, the report added. 

    14:38 (IST)02 Aug 2018
    Asian stock markets end in deep red!

    Among the regional Asian peers, Japan's Nikkei 225 index sank 1% to 22,512.53, China's Shanghai Composite index lost 2% to 2,768.02, Hong Kong's Hang Seng index dropped 2.2% to 27,714.38 and the Kospi in South Korea shed 1.6% to 2,270.20, Associated Press reported. 

    14:36 (IST)02 Aug 2018
    Pound drops to 9-day low ahead of BoE meet

    The pound fell on Thursday before a widely anticipated interest rate increase by the Bank of England, as investors bet that no further hikes were likely before Britain leaves the EU in March, a Reuters report said. The pound fell to $1.3068, a nine-day low, and at 0815 GMT it was down 0.4%, the report added. 

    14:26 (IST)02 Aug 2018
    Sensex collapses over 300 points

    BSE Sensex fell more than 300 points in the afternoon deals following the sell-off in heavyweight scrips Reliance Industries, HDFC Bank, HDFC, Kotak Mahindra Bank, TCS, ITC, Maruti Suzuki, L&T, Bharti Airtel. BSE Sensex touched a low of 37,187.51, down 334.11 points. 

    14:14 (IST)02 Aug 2018
    Coal India first 4-month FY19 output up 14%

    The Kolkata-based world's largest coal manufacturer Coal India Ltd coal production in first four months of FY19 grew by 14% to 177.43 million tonnes as compared to 155.53 million tonnes (MT) of coal in the same duration a year earlier. In July itself, CIL produced 40.56 MT coal vs 36.69 a year ago.

    14:09 (IST)02 Aug 2018
    Swiggy acquires Scootsy

    Food ordering and delivery firm Swiggy has acquired Mumbai-based on-demand delivery platform Scootsy, a PTI report said, adding that the all-cash acquisition of Scootsy is for approximately Rs 50 crore, PTI reported citing an unidentified a source. 

    14:06 (IST)02 Aug 2018
    Bharti Airtel drops 3%

    Shares of India's telecom giant Bharti Airtel fell more than 3% in the afternoon trades on Thursday. Bharti Airtel on Wednesday informed that majority of shareholders voted in favour to approve the proposed scheme of arrangement between Bharti Airtel Ltd and Telesonic Networks Ltd ("Transferee Company") and their respective shareholders and creditors. 

    The stock of Bharti Airtel shed as much as 3.66% to a day's bottom of Rs 369.6 on BSE today. 

    13:05 (IST)02 Aug 2018
    Sensex Live: Sensex at 37,335.09, down 186.53 or 0.5%

    Sensex Live: Shares of Bharti Airtel, Yes Bank, Kotak Mahindra Bank, Maruti Suzuki, HDFC, Reliance Industries, M&M, Vedanta, HDFC Bank, TCS, ITC, L&T were the biggest laggards among Sensex scrips today. The heavyweight stocks of RIL, HDFC, HDFC Bank, Kotak Mahindra Bank and TCS were the biggest contributors in wiping out Sensex gains today. 

    12:55 (IST)02 Aug 2018
    Aditya Birla Fashion and Retail gains 17%

    Shares of Aditya Birla Fashion and Retail surged more than 17% in the afternoon trades on Thursday and were the top gainers among all the scrips of 'A' group. The stock of Aditya Birla Fashion and Retail rose 17.07% to Rs 180.4 on BSE today. 

    12:50 (IST)02 Aug 2018
    Morgan Stanley pegs India's GDP growth at 7.5% in FY19

    India's economic growth momentum is likely to pick up further in the April-June period and the country is expected to clock GDP growth of 7.5% in this financial year, PTI reported citing Morgan Stanley.

    12:20 (IST)02 Aug 2018
    Nifty Live: Automakers fall after mixed vehicle sales and EMIs likely going up

    Nifty Live: Almost all the major auto stocks traded down on Thursday after mixed vehicle sales reported by the automakers in the month of July. The sentiments seemed taken a backseat after RBI repo rate hike, the move due to which auto EMIs are likely to shoot up.

    11:49 (IST)02 Aug 2018
    Asian stocks in deep red, European shares set to open lower!

    European shares are expected to fall, with financial spread-betters see Britain's FTSE, France's CAC, Germany's DAX opening 0.4% lower, a Reuters report said. Among the regional Asian markets, Japan's Nikkei declined 1.1%, China's CSI 300 index of A-shares dropped 3.0% to 2,741, near its 1 1/2-year low of 2,691 set on July 6 and Hong Kong's Hang Seng Index fell 2.5% to 10-month lows while an index of Chinese start-up firms sank 3.5% to its lowest level since January 2015, the report added. 

    11:20 (IST)02 Aug 2018
    Nifty Live: Real estate stocks drop after RBI's 25 bps repo rate hike

    Nifty Live: Most of the real estate stocks traded lower on Thursday after RBI's 25 bps repo rate hike. The key index Nifty Realty dropped 1.04 % to 270.50 with shares of DLF, HDIL, Unitech, Sobha, Prestige losing 1-3%. 

    11:15 (IST)02 Aug 2018
    Dilip Buildcon order win

    Dilip Buildcon has been declared as the lowest bidder for a Rs 717.45 crore mining project in Madhya Pradesh.

    10:41 (IST)02 Aug 2018
    India's gold demand declines by 8%

    India's gold demand declined by 8% at 187.2 tonnes during April-June period compared to second quarter of last year driven by to high local prices and seasonal factors, PTI reported citing World Gold Council.

    10:21 (IST)02 Aug 2018
    Sensex Live: Sensex nearly 300 points

    Sensex Live: BSE Sensex index extended losses in the late-morning session  on Thursday and fell nearly 300 points following the negative global cues after US proposed 25% tariffs on Chinese imports. BSE Sensex touched a day's bottom of 37,229.99, down 291.63 points. Similarly, NSE Nifty went down by  82.65 points to a day's low of 11,263.55. 

    10:12 (IST)02 Aug 2018
    Nifty Live: Market-wide impact of trade war

    Nifty Live: All the broader market indices of the National Stock Exchange including Nifty 50 were trading in negative territory with Nifty Midcap50 emerging as the biggest losers, down 0.92%. 

    10:08 (IST)02 Aug 2018
    Capital outflows dent stock market sentiments

    Earlier yesterday, foreign portfolio investors (FPIs) sold equity worth Rs 95.94 crore and domestic institutional investors (DIIs) pulled off Rs 562.33 crore from shares, as per the latest depository data available.

    10:03 (IST)02 Aug 2018
    Shanghai Copper down 2% on US trade tariff hike

    Shanghai copper fell as much as 1.9% on Thursday after US officials confirmed that President Donald Trump's administration proposed an increase in tariff rate on $200 billion worth of Chinese goods, a Reuter report said. Analysts fear the mounting trade friction between the United States and China could hit demand for industrial metals, the report said further. 

    09:47 (IST)02 Aug 2018
    Rupee hits 1-month high vs USD

    Maintaining its uptrend for the second straight day, the rupee strengthened by 17 paise to a fresh one-month high of 68.26 against the US dollar today after the Reserve Bank of India (RBI) maintained its growth outlook for the economy, PTI said in a report. The increased selling of the US dollar by exporters and banks even as the RBI hiked repo rate by 25 basis points yesterday too boosted the rupee, PTI reported citing unidentified forex dealers.

    09:45 (IST)02 Aug 2018
    Asian markets edge down

    Share benchmarks in Asia are sliding, tracking losses overnight on Wall Street, where investors sold industrial stocks following reports that the Trump administration is considering a higher tax rate on Chinese imports, AP said in a report. 

    09:44 (IST)02 Aug 2018
    Sensex Live: Sensex drops below 37,300 | Top Sensex contributors

    09:42 (IST)02 Aug 2018
    Sensex Live: Sensex dives over 200 points

    BSE Sensex extended the losses in the early trading session diving more than 200 points to hit a day's low of 37,285.25 while NSE Nifty tripped well below 11,300 to a day's bottom of 11,271.20. 

    09:36 (IST)02 Aug 2018
    Nifty Live: Metal stocks crack | Nifty Metal plunges 1.43%

    Nifty Live: Most of the metal stocks fell in negative territory in the morning session on Thursday on fresh trade war worries between US and China. The benchmark Nifty Metal index dropped 1.43% to 3,272.65 with shares of Tata Steel, Vedanta, Jindal Steel, Hindalco, SAIL, NMDC, JSW Steel sliding more than 1% each. 

    09:35 (IST)02 Aug 2018
    Sensex Live: Sensex trades under pressure

    Sensex Live: The benchmark Sensex index was trading under pressure on Thursday following the subdued global cues after US-China trade war worries regenerated. BSE Sensex was trading 132 points lower at 37,389.43 with Vedanta, Tata Steel, Tata Motors, HDFC, M&M, Maruti Suzuki emerging as the major losers. 

    09:15 (IST)02 Aug 2018
    Sensex Live, Nifty Live: Opening bell!

    Sensex Live, Nifty Live: Indian stock markets started on a flat note on Thursday as trade war tensions renewed after the US proposed 25% tariffs on about $200 billion worth of Chinese imports. BSE Sensex opened at 37,529.69, up 8.07 or 0.02% while NSE Nifty started at 11,328.90, down 17.30 points or 0.15%. 

    09:10 (IST)02 Aug 2018
    Markets at pre-open

    Shares of Coal India, HPCL, BPCL, ONGC, IOC rose more than 1% each and were the top five gainers out of all the components of Nifty 50 index. While, on the other hand, shares of Eicher Motors, Cipla, HDFC, SBI, Wipro cracked up to 1.91%. 

    09:07 (IST)02 Aug 2018
    Rupee jumps 16 paise vs USD

    The Indian rupee on Thursday added as much as 16 paise against the US dollar in the early session at the interbank foreign exchange market. The rupee gained 16 paise to 68.2663 per unit US dollar, Bloomberg data showed. 

    09:05 (IST)02 Aug 2018
    Crude oil prices rise

    Oil prices rose on Thursday, steadying after losses over the past two days from a surprise increase in US crude inventories and renewed concerns over trade friction between the US and China, Reuters said in a report. Brent crude futures were up 40 cents, or 0.6% at $72.79 a barrel, after dropping 2.5% on Wednesday while US West Texas Intermediate (WTI) crude futures increased by 30 cents, or 0.4% to $67.96 a barrel, the report added. 

    09:02 (IST)02 Aug 2018
    SGX Nifty Futures drop

    The global indicator of NSE Nifty, SGX Nifty Futures was trading 0.11% down at 11,346.5 on the Singapore Exchange on Thursday. The gauge has shuttled between the range of 11,384.5 and 11,342.5 earlier today. 

    The major sentiment dampeners in the day's trade include RBI's repo hike by 25 basis points, declines in the regional Asian shares following downbeat Wall Street and renewed trade war spat between US and China. Meanwhile, the US Federal Reserve kept the interest rates unchanged yesterday.
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