Indian equity markets saw a weak opening on Wednesday mirroring gloomy global markets.
The Sensex fell 69 points to 40,606, and the Nifty was down by 24 points at 11,970 in early trade (9.20 AM).
Sectorally, all indices are trading lower except Nifty IT and Pharma. The two indices are in the green on the back of depreciation in the local unit which is opened 12 paise lower at 70.80/$ amid heavy foreign fund outflows.
Nifty Metal is the top laggard down 1.87% led by JSW Steel and Jindal Steel both dropping over 3% each. Metal stocks have been seeing extended losses owing to the revival of trade concerns, particularly after Trump insinuated yesterday that the US-China trade deal could be delayed until after the US election in Nov next year.
Bharti Infratel, ICICI Bank, TCS, and Wipro were among the top gainers, while HCL Tech, JSW Steel, Tata Steel, Vedanta and Hindalco were the top losers.
Meanwhile, S&P reaffirmed India's rating and retained outlook at “stable.”
US Markets fell 1%, marking it the third straight day of declines after Trump hinted that the trade deal with China could get delayed. Asian shares also extended their losses on Wednesday after Trump’s comments that the trade deal with China might have to wait until after the 2020 presidential election.
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