Share Market Update: Sensex, Nifty turn cautious amid US-China trade war concerns

Key domestic indices BSE Sensex and NSE Nifty opened in red as the foreign investors turned cautious tracking mixed global cues and depreciating value of Indian rupee against the US dollar.

Heavy selling pressure in metals, pharma, media, FMCG and auto stocks were observed. (Image: PTI)

Share Market Update: Key domestic indices BSE Sensex and NSE Nifty opened in red as the foreign investors turned cautious tracking mixed global cues and depreciating value of Indian rupee against the US dollar. Apart from these global economic factors, US President’s Donald Trump’s announcement that he was likely to go ahead with a tariff hike on Chinese goods too made the market uncertain. According to initial reports, the 30-share Sensex was trading 27.28 points, or 0.08 per cent, lower at 35,326.80. Likewise, NSE Nifty too witnessed similar movement and was trading 18.70 points, or 0.18 per cent, lower at 10,609.90. Heavy selling pressure in metals, pharma, media, FMCG and auto stocks were observed. As per market experts, investors remain cautious due to uncertainty over US-China trade war, domestic assembly elections and dimming global outlook on account of sharp fall in oil prices. Top losers include Bajaj Auto, Asian Paints, Tata Steel, Vedanta, Bharti Airtel, Hero MotoCorp, HUL, ITC, M&M, NTPC, ICICI Bank and IndusInd Bank, falling up to 1.93 per cent, reported news agency PTI. The report also highlighted the top gainers including Yes Bank, Infosys, Sun Pharma, Coal India, Tata Motors, RIL, TCS, SBI and Axis Bank. On the macro front, the rupee depreciated 15 paise to 71.02 against the US dollar in early trade at the interbank foreign exchange. Even the international Crude oil prices fell further as Saudi Arabia raised oil production to an all-time high in November amid caution ahead of the G20 and Opec meetings. The Foreign portfolio investors (FPIs), however, bought shares worth a net of Rs 62.74 crore Monday and DIIs were net buyers to the tune of Rs 351.78 crore, said the provisional data available with BSE. Talking about the Asian share market, Japan's Nikkei rose 0.46 per cent and Shanghai Composite Index rose 0.42 per cent, while Taiwan's benchmark index fell 0.18 per cent. In the US, Dow Jones Industrial Average rose 354.29 points, or 1.46 per cent, to 24,640.24 on Monday.