Sensex, Nifty turn volatile on weak global cues; Axis Bank, SBI, Tata Steel, M&M stocks gain; Re weak

Mumbai: Benchmark indices inched higher, but were trading on a volatile note in early trade amid rising trade tensions between the US and China as talks between the two countries ended without any significant outcome.

The BSE Sensex was trading at 58.61 points, or 0.15 percent, higher at 38,395.37. The index had hit a high of 38,428.99, rising 92.74 points, or 0.24 percent, in opening session.

The gauge had gained 673.20 points in the past four sessions.

The wider NSE Nifty too rose 21.85 points, or 0.18 percent to 11,604.60.

Brokers said besides profit-booking at record levels, a mixed trend at other Asian markets following negative leads from Wall Street dented the trading sentiment here.

Investors are also cautious ahead of Federal Reserve Chairman Jerome Powell speech at the annual global central bank conference in Jackson Hole later in the day.

Major gainers include PowerGrid, Axis Bank, Coal India, SBI, NTPC, Tata Steel and M&M with up to 1.58 percent gains.

Representational image. Reuters.

Representational image. Reuters.

While, ICICI Bank, Bharti Airtel, IndusInd Bank, Infosys, Wipro, Yes Bank, HUL and Sun Pharma fell up to 1 percent.

Domestic institutional investors (DIIs) bought shares worth a net of Rs 142 crore, while foreign portfolio investors (FPIs) accumulated shares worth a net of Rs 433.21 crore yesterday, provisional data showed.

Asian stocks were mixed, tracking overnight losses on the Wall Street.

Hong Kong's Hang Seng was down 0.81 per cent, Shanghai Composite Index fell 0.28 per cent, while Japan's Nikkei was up 0.31 per cent in early trade.

The US Dow Jones Industrial Average ended 0.03 per cent lower in yesterday's session.

Rupee extends weakness

The rupee weakened by 13 paise to 70.24 against the US dollar in opening trade today on increased demand for the American currency from importers and banks.

Forex dealers said a firm dollar in overseas markets, ahead of Federal Reserve Chairman Jerome Powell speech at the annual global central bank conference in Jackson Hole later in the day, weighed on the rupee.

Yesterday, the domestic currency had lost 30 paise to end at 70.11 against the greenback due to renewed worries about a hike in US interest rates and rising global trade war jitters.


Updated Date: Aug 24, 2018 10:49 AM

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