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Opening Bell: Sensex, Nifty turn red after surging nearly 2% as global selloffs weigh

Opening Bell: Sensex, Nifty turn red after surging nearly 2% as global selloffs weigh

Opening Bell: Sensex, Nifty turn red after surging nearly 2% as global selloffs weigh
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By Ajay Vaishnav  Aug 26, 2019 10:29:21 AM IST (Updated)

The Sensex jumped over 600 points and the Nifty 50 reclaimed the 11,000 level in the opening trade on Monday on the back of a series of key measures announced by the government.

The Sensex jumped over 600 points and the Nifty 50 reclaimed the 11,000 level in the opening trade on Monday on the back of a series of key measures announced by the government. However, the Indian benchmark indices have failed to hold the gains and traded marginally lower as the escalating trade war between the US and China triggered a selloff in global markets. The Indian rupee declined by 42 paise to 72.08 per dollar.

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At 10:00 AM, the Sensex was down 29.69 points, or 0.08 percent, at 36,671.47, and the Nifty 50 traded 8.30 points, or 0.08 percent, lower at 10,821.05.
The Sensex opened at 37,363.95, up 662.79 points, or 1.8 percent, from its previous close of 36,701.16. The Nifty 50 opened at 11,000.55, up 171.2 points, or 1.58 percent, from its previous close of 10,829.35.
The opening rally in the Indian shares came after finance minister Nirmala Sitharman
announced measures to revive the economy and improve investor sentiment, particularly rolling back the enhanced surcharge on foreign and domestic investors.
Asian shares plunged as the latest salvo in the Sino-US trade war shook confidence in the world economy and sent investors steaming to the safe harbors of sovereign bonds and gold, reported Reuters.
Among the sectoral indices on the NSE, the Nifty metal fell most by over 4 percent followed by auto and IT, which declined over 1 percent. The financial services and PSU bank indices traded in green.
HDFC, Bajaj Finance, NTPC, SBI, Hindustan Unilever and Indiabulls Housing Finance were among the major gainers on the key indices. Tata Steel, Vedanta, Tata Motors, Yes Bank, Hero MotoCorp were among the top losers.
In global markets, MSCI’s broadest index of Asia-Pacific shares outside Japan still shed 2.0 percent, and Australia 1.5 percent. Japan’s Nikkei lost 2.3 percent, while Shanghai blue chips fell 1.2 percent. E-Mini futures for the S&P 500 eased 0.8 percent, and EUROSTOXX 50 futures 1.1 percent.
Asian indices fell sharply as US President Donald Trump announced a 5 percent additional duty on $550 billion in targeted Chinese goods, hour after Beijing unveiled retaliatory tariffs on $75 billion worth of US products.
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