Sensex starts on negative note, falls 51 points; Nifty down; Re gains 19 paise, global dollar weakness helps

Mumbai: The benchmark BSE Sensex got off to a lower start today, tracking a sell-off in global markets amid escalating trade war worries.

The 30-share index, which had lost 114.94 points in the previous session, fell by another 50.91 points, or 0.14 percent, to 35,381.48 in early trade.

Capital goods, realty, infrastructure, power, healthcare and metal stocks showed weakness, falling by up to 0.35 percent.

The NSE Nifty also was quoting lower by 5.20 points, or 0.05 percent, at 10,735.90.

Major losers included Coal India, Reliance Industries, Asian Paints, SBI, Adani Ports, Sun Pharma, IndusInd Bank, Yes Bank, PowerGrid, Bajaj Auto, Maruti Suzuki and HDFC Bank, declining up to 1.40 percent.

Representational image. Reuters

Representational image. Reuters

According to traders, sustained selling by participants in line with a weak trend at other Asian markets following overnight losses at the Wall Street amid investor concerns about the trade dispute between the US and China dampened trading sentiments here.

Meanwhile, India will raise customs duty on 29 products, including almond, walnut and pulses, imported from the US as a retaliatory action against the tariff hike by Washington.

The duty hike would come into effect from 4 August, the Finance Ministry said in a notification.

In Asia, Hong Kong's Hang Seng was down 0.15 percent and Shanghai Composite shed 0.70 percent in early trade today. Japan's Nikkei too fell 0.74 percent.

The US Dow Jones Industrial Average ended 0.80 percent lower yesterday.

Rupee gains 19 paise

The rupee firmed up by 19 paise to 67.79 against the dollar today after increased selling of the US currency by exporters and banks.

The dollar slipping from an 11-month peak against other currencies overseas as investors took profits also helped the rupee.

Further, fresh foreign capital inflows took the local currency higher but a lower opening of the domestic equity markets capped the rise, dealers said.

Yesterday, the rupee had appreciated by 10 paise to close at 67.98 against the greenback on sustained selling of the American currency by exporters and local banks.


Updated Date: Jun 22, 2018 10:37 AM

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