Sensex, Nifty turn choppy on mixed Asian cues, global trade war concerns; Rupee recovers 15 paise

Mumbai: The BSE benchmark Sensex Tuesday rose 95 points, but soon turned choppy on weak global cues amid lingering global trade war concerns.

The 30-share index opened higher by 95.32 points, or 0.25 percent, at 38,017.49. It, however, turned choppy and was trading 8 paise, or 0.02 percent, higher at 37,930.97 at 0930hrs.

The gauge had lost 467.65 points in the previous session.

Similarly, the NSE Nifty bounced by 30.30 points, or 0.26 percent, at 11,468.40 in opening trade, only to turn flat within the first 15 minutes of the session.

Investors turned cautious as trade war concerns between the US and China rose and a persistent weakness in the rupee became lingering concerns leading to volatility in the market, brokers said.

Top gainers include Axis Bank, Infosys, Adani Ports, Sun Pharma, M&M, SBI and Tata Motors, rising up to 2 percent.

Representational image. Reuters.

Representational image. Reuters.

While, ITC, HUL, Hero MotoCorp, Kotak Bank, Tata Steel, Coal India, TCS and Bajaj Auto were among the top losers, falling up to 2 percent.

Elsewhere in Asia, Hong Kong's Hang Seng index dropped 0.04 percent while Shanghai Composite gained 0.30 percent in early trade. Japan's Nikkei, too, was up 1.17 percent. However, the US Dow Jones Industrial Average ended 0.23 percent lower on Monday.

Rupee recovers

The rupee Tuesday opened on a positive note by inching 15 paise higher at 72.30 against the US dollar amid increased selling by banks and exporters.

Besides, dollar's weakness against some currencies overseas including the euro also supported the rupee, dealers said.

The rupee on Monday slumped to new record low of 72.67 a dollar in intra-day trade before closing at 72.45, showing a steep 72 paise fall on growing fears of contagion from an emerging-market rout and escalation of global trade war.

Updated Date: Sep 11, 2018 10:32 AM

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