Sensex, Nifty trade flat amid renewed US-China trade tensions and weak global cues
Following a two-day sharp rally, the 30-share BSE benchmark Sensex slipped 165.3 points to 76,569.59 in early trade, while the NSE Nifty dropped 51.55 points to 23,277. Among the Sensex constituents, Maruti, Sun Pharma, NTPC, Tata Steel, Reliance, and Infosys emerged as the top losers.
Mumbai: Equity benchmark indices were trading flat in early trade on Wednesday amid sluggish global market trends due to rising US-China trade tensions.
After two days of sharp rally, the 30-share BSE benchmark Sensex declined 165.3 points to 76,569.59 in early trade. The NSE Nifty dipped 51.55 points to 23,277.
From the Sensex firms, Maruti, Sun Pharma, NTPC, Tata Steel, Reliance and Infosys were the biggest laggards.
IndusInd Bank, Axis Bank, State Bank of India and Kotak Mahindra Bank were among the gainers.
In Asian markets, South Korea’s Kospi index, Tokyo’s Nikkei 225, Shanghai SSE Composite index and Hong Kong’s Hang Seng were quoting lower.
US markets ended in the negative territory on Tuesday.
“The market construct appears positive after the Nifty recouping all the losses caused by April 2nd reciprocal tariffs. The market is indicating calm after the storm. But investors should not jump to the conclusion that stability has returned to the market and it is poised for further up moves. Since the trade war between US and China is heating up after China’s latest decision to halt exports of rare earths material and orders for Boeing, more actions, reactions and volatility are on the cards,” V K Vijayakumar, Chief Investment Strategist, Geojit Investments Limited, said.
Foreign Institutional Investors (FIIs) turned buyers after days of selling as they bought equities worth Rs 6,065.78 crore on Tuesday, according to exchange data.
Global oil benchmark Brent crude dipped 0.23 per cent to USD 64.52 a barrel.
Rallying for the second straight session on Tuesday, the BSE benchmark jumped 1,577.63 points or 2.10 per cent to settle at 76,734.89. The Nifty surged 500 points or 2.19 per cent to 23,328.55.
