Sensex, Nifty Fall For Second Day As Trade War Looms
Indian equity benchmarks fell for second straight day after trade tensions between U.S. and China escalated.
The S&P BSE Sensex fell 0.74 percent or 261 points to 35,287 and the NSE Nifty 50 index declined 0.83 percent or 89 points to 10,710.
Equities across the globe came under selling pressure after China vowed to retaliate 'forcefully' against President Donald Trump’s threatened tariffs on another $200 billion in Chinese imports.
"With China announcing retaliatory measures, global trade war appears to escalate," Shailendra Kumar, CIO at Narnolia Financial Advisors, told BloombergQuint in an email reply.
Rising trade-related worries will impact some sectors of the Indian market such as industrial, chemical, metal, auto and auto component... This surely is the time to reduce exposure to mid- and small-companies in these sectors, Kumar said.
In today's trade all sector gauges compiled by BSE ended lower led by the S&P BSE Metal index's 1.7 percent drop.
The mid- and small-cap stocks underperformed their larger peers as the S&P BSE MidCap index dropped 0.98 percent and the S&P BSE SmallCap index tumbled 1.3 percent.
Domestic Indian Airlines Carried 5.72 Crore Passengers Between Jan-May
India's domestic air passenger traffic rose 3 percent (MoM)
Airline-wise market share in May:
- SpiceJet market share at 12.3 percent
- Indigo market share at 40.9 percent
- Jet Airways market share at 15.2 percent
- Air India market share at 12.8 percent
Rupee Extends Decline Against U.S. Dollar
- Rupee extended decline and fell 0.5 percent or 33 paise to 68.32 per U.S. dollar.
Stocks Moving On Heavy Volumes
- Relaxo Footwear: The Delhi-based footwear maker rose 2.3 percent to Rs 729. Trading volume was 48.4 times its 20-day average.
- Blue Dart Express: The Mumbai-based courier service provider fell 1 percent to Rs 3,712. trading volume was 8.1 times its 20-day average.
- Solar Industries: The Nagpur-based explosives maker fell 3.2 percent to Rs 1,137. Trading volume was 5.5 times its 20-day average.
- Prestige Estates: The Bengaluru-based real estate developer fell 0.7 percent to Rs 267.25. Trading volume was 4.1 times its 20-day average.
BJP Pulls Out Of Alliance In Jammu & Kashmir
Bharatiya Janata Party withdrew support from alliance with PDP government in Jammu & Kashmir.
- Press freedom and freedom of speech is at risk in the valley
- Shujaat Bukhari's killing is an example of fundamental right in danger
- Fundamental rights of the citizens are under danger in the valley
- Terrorism, violence and radicalisation have risen in the valley
- Untenable to continue in alliance with PDP in Jammu & Kashmir
- Party held a meeting earlier in the day over political situation in J&K