Sensex, Nifty start on a choppy note after Donald Trump launches fresh attack on India on tariffs issue; TCS among top losers

  • Sensex was trading 33.76 points or 0.09% lower at 38,697.06 at 0930 hours

  • Similarly, the broader Nifty shed 5.70 points or 0.03% to 11,551.70

  • In the previous session, Sensex settled 10.25 points or 0.03% higher at 38,730.82, while the Nifty ended 2.70 points or 0.02% lower at 11,555.90

Mumbai: Domestic equity benchmarks BSE Sensex and NSE Nifty started on a choppy note Wednesday as investors await direction from key global and domestic events scheduled this week.

After gyrating nearly 200 points in the opening session, the 30-share index was trading 33.76 points, or 0.09 percent, lower at 38,697.06 at 0930 hours. Similarly, the broader Nifty shed 5.70 points, or 0.03 percent, to 11,551.70.

TCS was among the top losers in the Sensex pack, shedding up to 1.42 percent after the company reported a 10.8 percent rise in June quarter net at Rs 8,131 crore. The company said its bottom line has been hit a tad due to currency appreciation.

Tata Motors, Bajaj Finance, Vedanta, Bajaj Auto, Bharti Airtel and ONGC too fell up to 1.51 percent.

On the other hand, Yes Bank, HCL Tech, TechM, Infosys and Asian Paints rose up to 1.53 per cent.

In the previous session, the 30-share gauge settled 10.25 points or 0.03 percent higher at 38,730.82, while the Nifty ended 2.70 points, or 0.02 percent, lower at 11,555.90.

On a net basis, foreign institutional investors sold equities worth Rs 674.26 crore, while domestic institutional investors purchased shares to the tune of Rs 710.91 crore, provisional data available with stock exchanges showed Tuesday.

 Sensex, Nifty start on a choppy note after Donald Trump launches fresh attack on India on tariffs issue; TCS among top losers

Representational image. Reuters.

According to traders, the market turned jittery after US President Donald Trump Tuesday launched a fresh attack on India for imposing tariffs on American products.

Trump said it was "no longer acceptable", days after he held talks with Prime Minister Narendra Modi and agreed to sort out the trade-relateda f issues.

Later this week, US Commerce Secretary Wilbur Ross and Energy Secretary Rick Perry are scheduled to address a major India centric conference in Washington DC.

Investors also awaiting cues from US Federal Reserve Chairman Jerome Powell's testimony before the Congress this week, traders said.

On the domestic front, the government is scheduled to release data on industrial production and consumer inflation on Friday.

Elsewhere in Asia, Shanghai Composite Index and Nikkei turned negative in their respective early sessions, Hang Seng and Kospi were trading in the green. Meanwhile, bourses on Wall Street ended higher on Tuesday.

Meanwhile, the Indian rupee depreciated 15 paise to 68.66 against the US dollar.

The global oil benchmark Brent crude futures were trading 0.89 percent higher at 64.73 per barrel.

Updated Date: Jul 10, 2019 10:12:03 IST