Indian shares are set for a muted start tracking global cues after US-China trade war concerns took centre stage spooking trade sentiment on Wednesday.
Asian stocks retreated after the Trump administration announced that the US will slap more tariffs up to the tune of $200 billion against Chinese imports.
The Singapore-traded SGX Nifty, which is an early indicator of the NSE Nifty’s performance in India, traded lower by 0.31 percent at 0735 IST, hinting flat-to-negative start for benchmark indexes.
Asian stocks were down over trade war concerns. Nikkei traded lower by 1.72 percent, while Hong Kong’s Hang Seng was down nearly 2 percent at 0740 IST.
MSCI's broadest index of Asia-Pacific shares outside Japan fell 0.4 percent. The index had gained for the past two sessions, having enjoyed a lull from the trade war fears that lashed global markets last week. South Korea's KOSPI lost 1 percent.
US stocks shook off some midday doldrums and rose for the fourth day in a row overnight on Tuesday. The S&P 500 index added 9.67 points, or 0.3 percent, to 2,793.84. The Dow Jones Industrial Average rose 143.07 points, or 0.6 percent, to 24,919.66. The Nasdaq composite picked up 3 points to 7,759.20.
The Sensex on Tuesday closed at 36,239.62, up 304.90 points or 0.85 per cent, gaining 665.07 points in the previous three sessions. The benchmark is just a tad lower from its all-time closing high of 36,283.25 hit on January 29 this year. The Nifty settled at Rs 10,947.25, its highest closing level since February 1, 2018.
First Published: IST