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This article is more than 3 year old.

Indian market closes in the red as trade war tensions loom

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The looming deadline for tariffs from both Washington and Beijing hurt investor sentiment globally.

Indian market closes in the red as trade war tensions loom
The Indian market recovered from the day's lows but closed deep in the red, in line with weak global market sentiment.
The Sensex closed 159 points down at 35,264, with HDFC Bank, Reliance and Lupin at the bottom of the index. The Nifty 50 Index slipped 57 points to close at 10,657, below its 50-day moving average of 10,692 points.
The benchmark 50-stock index hit an intra-day low of 10,605 points and a high of 10,736 points. Financials were top losers, led by the HDFC twins.
Other major losers were Reliance, ITC and L&T. SBI, PNB and BoB gained between 2-5% from lows on the back of an ARC draft report submitted by the Sunil Mehta-led panel.
Defensive bets such as IT stocks also closed with some gains as the rupee fell to near 69 against the US dollar. Infosys was the top gainer with a 13-point contribution to the Nifty upmove.
The Nifty Midcap index edged 118 points lower to 18,064 and the Nifty Bank index fell 134 points to 26,230.
In the futures market, Put options of Nifty 10,700 and 10,800 calls shed a little over one lakh shares each in open interest with premiums moving 15% higher.
Amongst call options, 10,700 call saw maximum traction with the call adding nearly three lakh shares with premium slipping 20%. Nifty July Futures closed with a discount of 11 points against a discount of 20 points on Friday
Major Asian markets closed sharply lower, as heavy losses were recorded in China ahead of a looming deadline when tariffs from both Washington and Beijing are expected to take effect.
In Tokyo, the Nikkei 225 sank in afternoon trade, closing down 2.21% at 21,812. Losses were broad-based, with retailers and the food sector among the worst performers. Retail stocks were down 3.6%, with Fast Retailing lower by 2.9%.
In Seoul, losses on the Kospi steepened through the day, with the index falling 2.3% to end at 2,272 points. Samsung Electronics gave up slight gains in the morning to slide 2.4% as losses in heavyweight tech and manufacturing plays dragged the index lower. Steelmaker Posco dropped 4.3%.
The Shanghai composite fell 2.5% to finish at 2,776, failing to sustain the slight rebound seen in the previous session, while the smaller Shenzhen composite lost 1.6% for the day.
Blue chip companies recorded larger declines, with the CSI 300 index sinking almost 3%. The fresh declines came as the yuan continued to weaken. Of note, the private Caixin/Markit PMI for China came out in line with expectations.
The official manufacturing numbers released over the weekend had declined to 51.5, missing expectations of 51.6 estimated by a Reuters poll.