US-China trade war: Market starts on a volatile note
Sun Pharma, Bajaj Finance, ICICI Bank, ITC, Tata Motors, and Bharti Airtel were the top gainers
The BSE benchmark Sensex and NSE Nifty on January 29 started on a volatile note tracking weakness in global equities amid fresh concerns over US-China trade talks.
After dropping over 100 points in early trade, the 30-share index turned rangebound, and was trading 21.49 points, or 0.06%, lower at 35,635.21. Similarly, the 50-share Nifty slipped 2.40 points, or 0.02%, to 10,659.15.
On January 28, the Sensex plunged 368 points to close at 35,656.70; and the broader NSE Nifty tumbled 119 points to end at 10,661.55.
In morning session on January 29, PowerGrid, RIL, Infosys, HDFC Bank, L&T, Yes Bank, HUL, NTPC and Coal India were among the top losers, falling up to 1.60%.
While, Sun Pharma, Bajaj Finance, ICICI Bank, ITC, Tata Motors, and Bharti Airtel were the top gainers, rising up to 1.60%.
Crucial trade talks
On a net basis, foreign portfolio investors (FPIs) purchased shares worth a net of ₹223.44 crore on January 29, and domestic institutional investors (DIIs) were net buyers to the tune of ₹92.32 crore, provisional data available with BSE showed.
According to analysts, global investor sentiment turned jittery after the US charged Chinese telecom giant Huawei with a series of crimes including stealing trade secrets, a move that can escalate hostilities between the world’s biggest economic powers and complicate efforts to negotiate an end to their bruising trade war. The charges were unveiled ahead of crucial trade talks between American and Chinese officials on January 30 and 31.
Elsewhere in Asia, Hong Kong’s Hang Seng fell 0.58%, Shanghai Composite Index was down 0.50% higher, Kospi slipped 0.28% and Japan’s Nikkei dropped 0.82% in early trade.
On Wall Street, Dow Jones Industrial Average ended 0.84% lower on January 29.
The rupee, meanwhile, was trading marginally lower against US dollar at 71.15. The benchmark Brent crude futures rose 0.13% to $59.89 per barrel.