Sensex, Nifty Lose Momentum Amid Rising Trade War Fears
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Closing Bell: Sensex, Nifty Lose Momentum Amid Rising Trade War Fears
Indian equity benchmarks' three-day upmove slowed down amid escalating trade tension between U.S. and China.
The S&P BSE Sensex rose 0.07 percent or 26 points to 36,266 and the NSE Nifty 50 index was little changed 10,948.
U.S. moved forward with proposed import tariffs on an additional $200 billion in Chinese goods by releasing a list of targeted products.
Back home, for most part of the day, the Sensex and Nifty moved in a narrow range as gains in TCS and Reliance Industries were offset by losses in ICICI Bank, Maruti Suzuki and HDFC.
Fourteen out of 19 sector gauges compiled by BSE ended lower led by the S&P BSE Metal index's 3 percent drop. On the flipside, the S&P BSE IT index was top gainer, up 2.4 percent.
The mid- and small-cap shares underperformed their larger peers as the S&P BSE MidCap index fell 0.7 percent and the S&P BSE SmallCap index declined 0.3 percent.
IDBI Bank, Shilpa Medicare Among Fab Four Stocks Of The Day
- IDBI Bank: The Mumbai-based public-sector lender rose as much as 10 percent to Rs 58.65 as Life Insurance Corp of India’s investment in IDBI Bank may trigger an open offer for the state-run bank, Bloomberg reported.
- Shilpa Medicare: The Raichur-based active pharmaceutical ingredient maker rose as much as 14 percent to Rs 434 after U.S. FDA closed inspection of its plants.
- Shalimar Paints: The Kolkata-based paint maker rose as much as 10.76 percent to Rs 142 after its board approved raising Rs 240 crore via rights issue.
- L&T Infotech: The Mumbai-based IT company rose as much as 6.87 percent to record high of Rs 1,838 on heavy volumes. Trading volume was 10.2 times its 20-day average.
TCS Crosses Over Rs 7.5 Lakh Crore In Market Value
Wealth of Tata Consultancy Services' investors swelled by Rs 46,200 crore as India's most valued company's market capitalisation topped Rs 7.5 lakh crore, Bloomberg data showed.
TCS shares surged as much as 6.5 percent to Rs 1,998 which took its market value to Rs 7.6 lakh crore.