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Global cues, trade war concerns depress equity indices

Global cues, trade war concerns depress equity indices

Sentinel Digital DeskBy : Sentinel Digital Desk

  |  18 Jun 2018 11:30 PM GMT

Mumbai, June 18: Weak international markets and concerns of a resurgent global trade war depressed the key Indian equity indices on Monday. Trade on both the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE) was largely choppy throughout the day. Index-wise, the wider Nifty50 of the NSE closed at 10,799.85 points, down 17.85 points or 0.17 per cent from the previous close of 10,817.70 points. Similarly, the barometer 30-scrip Sensitive Index (Sensex) of the BSE which opened at 35,698.43 points closed at 35,548.26 points — down 73.88 points or 0.21 per cent from its previous session’s close of 35,622.14 points. The Sensex touched a high of 35,721.55 points and a low of 35,518.73 points during the intra-day trade. In the broader markets, the S&P BSE mid-cap ended 0.18 per cent lower while the S&P BSE small-cap fell 0.77 per cent from its previous close. The BSE market breadth was bearish with 1,737 declines against 901 advances. “Markets ended with marginal losses on Monday after trading in a narrow range for a major part of the day,” Deepak Jasani, Head of Retail Research at HDFC Securities, told IANS. “The weakness came on the back of negative global cues after US President Donald Trump cranked up trade tensions by going ahead with tariffs on Chinese imports.”

Jasani said that major Asian markets closed on a negative note and European indices — FTSE 100, CAC 40 and DAX — traded in the red. On the currency front, the Indian rupee appreciated by three paise against the US dollar to 67.99, from its previous close of 68.02 per greenback. Investment-wise, provisional data with exchanges showed that foreign institutional investors sold scrip worth Rs 754.43 crore while the domestic institutional investors bought stocks worth Rs 824.10 crore. Sector-wise, the S&P BSE oil and gas index gained the most, by 179.63 points, followed by the auto index which rose by 81.11 points and the banking index, which ended higher by 36.29 points. On the other hand, S&P BSE metal index fell by 231.22 points, the consumer durables index was down 139.27 points and the IT index ended lower by 111.57 points.

The major gainers on the Sensex were ICICI Bank, up 3.61 per cent at Rs 292.50; Tata Motors (DVR), up 1.97 per cent at Rs 183.60; Tata Motors, up 1.83 per cent at Rs 308.75; Bajaj Auto, up 0.98 per cent at Rs 2,901.90; and Maruti Suzuki, up 0.46 per cent at Rs 8,993.40 per share. The top losers were Vedanta, down 2.70 per cent at Rs 232.30; Kotak Mahindra Bank, down 1.97 per cent at Rs 1,314.05; Bharti Airtel, down 1.67 per cent at Rs 371.25, Coal India, down 1.59 per cent at Rs 274.60; and Tata Steel, down 1.28 per cent at Rs 558.70 per share. (IANS)

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