HomeMarket NewsStocks NewsOpening Bell: Sensex trades near 36700, Nifty close to 10,850 as auto, metal shares slump

Opening Bell: Sensex trades near 36700, Nifty close to 10,850 as auto, metal shares slump

The Sensex gave up 37,000 and was down 219 points, or 0.59 percent, to 36,798.60 in the initial trade.

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By Ajay Vaishnav  August 2, 2019, 10:19:50 AM IST (Updated)

Opening Bell: Sensex trades near 36700, Nifty close to 10,850 as auto, metal shares slump
Indian benchmark equity indices, the BSE Sensex and the NSE Nifty50, fell sharply in Friday’s early trade, mirroring Asian markets, which slumped after trade tensions between the US and China escalated.


Indices across Asia and US markets overnight tanked after US President Donald Trump announced 10 percent tariff on $300 billion worth of Chinese goods from September 1, over and above the 25 percent tariff on $250 billion imports already in place. This heightened investors' concerns of a slowdown in the global economy.

In Asia, Japan's Nikkei traded 2.5 percent lower at 9.48 am IST, while Hang Seng dipped 2.31 percent.

Closer at home, domestic sentiment continues to remain negative amid sustained foreign fund outflows and disappointing corporate earnings.

The Sensex gave up 37,000 and was down 219 points, or 0.59 percent, at 36,798.60 in the initial trade. The NSE Nifty50 slipped almost 69 points, or 0.62 percent, to 10911. The Nifty MidCap index declined 0.62 percent, while Bank Nifty was lower by 0.79 percent.

At 9.49 am, the Sensex traded near 36,750 and the Nifty was below 10,900.

All major sectoral indices traded in the red led by metal, auto, infra, FMCG, energy and pharma.

Ashok Leyland, JSW Steel, Tata Steel, JSPL, Vodafone Idea, HDFL, Vedanta, Hindalco, Bandhan Bank, Godrej Consumer, Apollo Tyres, Hero Moto, Eicher Motors, Tata Motors, IndusInd Bank, ICICI Bank are among the major losers on the indices, while gainers are Bharti Airtel, IOC, HPCL, BPCL and Infosys.

The rupee opened lower against the US dollar on Friday, a day after it closed at a near five-week low, as oil prices spiked following US President Donald Trump’s tweet. The home currency opened at 69.24, down 18 paise, from its Thursday’s close of 69.05.

Foreign institutional investors (FIIs) remained net sellers in the capital markets, pulling out Rs 1,057 crore on Thursday, provisional data showed.

In debt markets, the yields on the 10-year government bonds plunged 1.4 percent to 6.33 percent from its previous close of 6.42 percent. Bond yields and prices move in opposite directions.



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