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Sensex, Nifty Turn Choppy Amid US-China Trade War Concerns

Sensex, Nifty on Wednesday: Investors cashed profits in metal, healthcare, PSU and auto stocks.

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Sensex, Nifty Turn Choppy Amid US-China Trade War Concerns

Sensex, Nifty on Wednesday: Negative global cues impacted the domestic indices.

The domestic stock indices turned choppy on Wednesday after posting their highest closein more than five months on Tuesday. While in in early morning trade, the S&P BSE Sensex fell 43.05 points or 0.12 per cent to trade at 36,196.57 and the Nifty50 index lost 7.75 points or 0.07 per cent to trade at 10,939.50, the benchmark indices recovered later. At 11:05 am, the S&P BSE Sensex traded at 36,284.19, with a gain of 44.57 points or 0.12 per cent while the broader Nifty50 was at 10,963.25 level, up 16 points. Negative global cues impacted the domestic indices. Investors cashed profits in metal, healthcare, PSU and auto stocks, amid weak Asian cues after US-China trade spat escalated. 

US tariffs on an additional $200 billion worth of Chinese goods sent Asian stocks tumbling on Wednesday, with China's markets leading the declines, as trade tensions between the world's two biggest economies continued to deteriorate. The United States has recently imposed tariffs on $34 billion worth of Chinese goods, drawing immediate retaliatory duties from Beijing on US imports in the first shots of a heated trade war, according to a report by news agency Reuters.

Major gainers in the 30-share Sensex pack in the early session were TCS (+1.81 per cent), Wipro (+1.13 per cent), Infosys (+0.74 per cent), Sun Pharma (+0.48 per cent), Induslnd Bank (+0.32 per cent) and HDFC (+0.28 per cent). Top laggards in the Sensex pack at the same time were ITC (-0.58 per cent), SBI (-0.53 per cent), Coal India (-0.86 per cent), Tata Steel (-0.77 per cent), Vedanta (-1.86 per cent) and HeroMotoCorp (-1.45 per cent).

TCS (+2.13 per cent), Tech Mahindra (+1.73 per cent), Indiabulls Housing Finance (+1.26 per cent), Wipro (+1.26 per cent) and HCL Tech (+0.96 per cent) were leading the pack of Nifty gainers while the main losers on the index in the morning session were Vedanta (-1.90 per cent), Hindalco (-1.79% per cent), Coal India (-1.24 per cent), UPL (-1.09 per cent) and ITC (-1.05 per cent).

However, a rise in shares of index heavyweight TCS capped Sensex losses, after the IT major on Tuesday reported a 23.46 per cent year-on-year (YoY) growth in consolidated profit for June quarter at Rs 7,340 crore. Sales for the quarter under review rose 16 per cent.  It was the top gainer in the Sensex pack.

Meanwhile, the rupee weakened by 5 paise to trade at 68.87 against the US dollar in early trade on sustained capital outflows as the greenback strengthened overseas. 

Foreign portfolio investors (FPIs) sold shares worth a net Rs 20.73 crore, while domestic institutional investors (DIIs) bought shares worth a net Rs 293.96 crore on Tuesday, provisional data showed. Domestic stock market indices rose for a third straight session on Tuesday. The S&P BSE Sensex rallied 304.90 points to close at 36,239.62. The NSE's Nifty50 index also surged and settled at 10,947.25. (With Agencies inputs)

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