Markets Live: US-China trade war fears roil global markets; Sensex tanks 351 points, Nifty ends at 10,128

Closing bell

The Sensex plunged over 350 points at the closing trade on escalating trade war worries as China hit back at the Trump administration's plan to slap tariffs on $50 billion in Chinese goods, retaliating with a list of similar duties on key US imports including soyabeans, planes, cars, whiskey and chemicals.

Investors also turned jittery ahead of the Reserve Bank of India's monetary policy announcement on Thursday. The RBI is likely to hold the policy repo rate in its first bi-monthly monetary policy review for FY2019 on April 5.

The Sensex opened higher at 33,437.52, touched the day's high of 33,505.53 and a low of 32,972.56. It finally ended 351.56 points or 1.05 per cent down at 33,019.07. This is the benchmark’s biggest fall since March 23, when it had lost 409.73 points.

 

Similarly, the Nifty after scaling the day’s high of 10,279.85, slipped into the negative terrain to 10,111.30 before closing at 10,128.40, down by 116.60 points, or 1.14 per cent.

 

BSE sectoral indices

NSE sectoral indices

Sensex gainers, losers

Nifty gainers

Nifty losers

 

Global markets

Share markets faltered on Wednesday as rising Sino-US trade tensions overshadowed a bounce on Wall Street and left investors reluctant to take positions in anything but the safest of assets. Read more

 

Bullion prices

Silver prices fell Rs 200 to Rs 39,400 per kg at the bullion market today due to reduced offtake. However, gold stayed firm at Rs 31,610 per 10 gram in scattered deals despite a firm trend overseas. Read more

 

Fund-raising via NCDs drops 83%

Indian companies had raised Rs 4,975 crore by issuing non-convertible debentures to retail investors in 2017-18 to meet their business requirements, down 83 per cent over the preceding year. Read more

SEBI directive to clearing corporations

Clearing corporations providing services for commodity derivatives will have to ensure guarantee for settlement of trades, including goods delivery. The new regulation will come into force on October 1, SEBI has said in a notification. Read more

 

Silver futures

Silver prices rose Rs 26 to Rs 39,009 per kg at the futures trade after investors raised their bets owing to positive global cues. Read more

 

Gold futures

Gold prices zoomed Rs 131 to Rs 30,765 per 10 gram at the futures trade as speculators created fresh positions owing to positive global cues. Read more

 

Crude futures

Crude oil futures fell Rs 10 to Rs 4,117 per barrel today as speculators reduced bets amid a weak trend overseas. Read more

 

US-China trade war escalates

The Trump administration has raised the stakes in a growing trade showdown with China, targeting 25 per cent tariffs on some 1,300 industrial technology, transport and medical products to try to force changes in Beijing’s intellectual property practices. Read more

 

Domestic markets were weighed down by fresh worries over global trade after China imposed additional tariffs of 25 per cent on 106 US goods, including soyabeans, autos, chemicals, some types of aircraft and corn products, among other agricultural goods.

China hit back at the Trump administration's plan to slap tariffs on $50 billion in Chinese goods, retaliating with a list of similar duties on key US imports including soyabeans, planes, cars, whiskey and chemicals.

Investors were also cautious ahead of RBI's first bi-monthly monetary policy review for FY19 that began today.

Despite retail inflation easing to a four-month low in February, and gross value added accelerating in the October-December quarter, the Reserve Bank of India is likely to hold the policy repo rate as it expected to be wary of a pick-up in inflation in the first half of the new financial year.

After opening at 33,437.52 against the previous close of 33,370.63, the Sensex hit day's high of 33,505.53 and a low of 32,999.72. At 2.45 pm local time, the Sensex was trading lower by 317.38 points or 0.98 per cent at 33,053.25 and the Nifty down 106.9 points or 1.04 per cent at 10,138.10.

BSE sectoral indices

NSE sectoral indices

 

European markets down

European shares were trading lower in early deals on Wednesday morning, weighed down by fresh worries over global trade after the US government announced new tariffs against Chinese products. Read more

 

China slaps duties on 106 US goods

China will impose additional tariffs of 25 per cent on 106 US goods, including soyabeans, autos, chemicals, some types of aircraft and corn products, among other agricultural goods. Read more

 

 

Invest early to save tax

The new financial year 2018-19 has just started. This is the best time to make your tax-saving investments. This will help you gain more than just saving tax. Read more

 

US stock futures fall

US stock futures and Treasury yields fell on Wednesday after China announced additional tariffs on $50 billion of US goods, a decision that also knocked the Chinese yuan lower. Read more

 

L&T India Value

Funds that follow a value-investing strategy could be better placed to ride out the ongoing market volatility and uncertainty. L&T India Value is a good choice in this category. Read more

 

Domestic equities plunged nearly one per cent as fresh worries over global trade after the US government announced new tariffs against Chinese products dampened investor sentiment.

Also, investors remained cautious ahead of Reserve Bank of India’s monetary policy review that begins today.The Sensex was trading down by 324.24 points or 0.97 per cent at 33,046.39 and the Nifty down 88.25 points or 0.86 per cent at 10,156.75.

Nifty gainers

Nifty losers

UTI MIS Advantage Plan

The ‘Conservative Hybrid Fund,’ which falls under the new categorisation of mutual funds as prescribed by SEBI, is suitable for investors with medium risk profile, wanting to taste some equity risk. Read more

 

Domestic equities slipped into the negative zone as investors turned wary ahead of ahead of ahead of Reserve Bank of India’s monetary policy review that begins today.

The six-member Monetary Policy Committee, headed by RBI Governor Urjit Patel, is scheduled for a two-day meet today and tomorrow.

The Sensex was trading down by 191.84 points or 0.57 per cent at 33,178.79 and the Nifty down 51 points or 0.5 per cent at 10,194.

Barring auto, all other BSE sectoral indices were trading in the red. Strong monthly sales data lifted auto stocks.

 

Top five Sensex gainers were Tata Motors, Adani Ports, Hero MotoCorp, Maruti and HUL, while the major losers were Dr Reddy's, HDFC, L&T, Asian Paints and Coal India.

 

Monsoon forecast

Meanwhile, rainfall during the monsoon season is expected to be 100 percent of the long-term average, a private weather forecasting agency said earlier in the day, raising prospects of higher farm and economic growth in the $2 trillion economy.

 

“There is a shift in the market towards quality growth and a shift to domestic consumption-focused sectors, particularly autos. Consumer-facing banking and private banking are also driving the move,” said Sunil Sharma, chief investment officer at Sanctum Wealth Management.

Normal monsoon forecast

Monsoon rains in India are expected to be average in 2018, Skymet said, raising prospects of higher farm and economic growth in the $2 trillion economy, Asia's third-biggest. Read more

 

Eicher Motors gains nearly 4%

Shares of Eicher Motors, maker of Royal Enfield motorcycles, rose on Royal Enfield’s FY guidance. The stock jumped as much as 3.8 per cent to Rs 29,050, highest since March 14. The stock posted biggest intraday percentate gain since February 1. Read more

 

Nifty call

Traders can go long on a break above 10,303. Stop-loss can be placed at 10,285 for the target of 10,345. Revise the stop-loss higher to 10,315 as soon as the contract moves up to 10,325. Read more

 

Tata Motors rallies 6%

Shares of Tata Motors surged as much as 6 per cent in the morning trade as JLR India has reported 83 per cent rise in FY18 sales and lined up 10 new products for the new fiscal. Read more

 

Jet Airways climbs on Boeing deal

Shares of Jet Airways rose as much as 3 per cent as the company has entered into a pact for buying 75 B737 planes. Read more

 

SEBI eases algo trade rules 

In a bid to relax algorithm trading norms at commodity derivatives exchanges, SEBI has raised the limit to process up to 100 orders per second by a user for such trade from the existing limit of 20 orders per second. Read more

 

Domestic equities were trading in the positive zone ahead of Reserve Bank of India’s monetary policy review that begins today. The six-member Monetary Policy Committee, headed by RBI Governor Urjit Patel, is scheduled for a two-day meet today and tomorrow.

The 30-share BSE index Sensex was up 85.03 points or 0.25 per cent at 33,455.66 and the 50-share NSE index Nifty up 11.9 points or 0.12 per cent at 10,256.90.

Among BSE sectoral indices, auto, realty, metal and FMCG found investors' support, while consumer durables, oil & gas, PSU and oil & gas succumbed to selling pressure.

 

Top five Sensex gainers were Tata Motors, Adani Ports, Maruti, Hero MotoCorp, and YES Bank, while the major losers were NTPC, HDFC, Dr Reddy's, Axis Bank and Asian Paints.

 

Brokers said the domestic sentiment remained firm largely on the back of sustained buying by DIIs as well as retail investors and positive cues from other Asian cues, tracking gains on the Wall Street.

Investors, however, are in a wait-and-watch mode ahead of the RBI’s first bi-monthly policy meet for FY19, they added.

Meanwhile, on a net basis, domestic institutional investors had bought shares worth Rs 479.18 crore, while foreign portfolio investors sold shares worth Rs 376.51 crore yesterday.

Midhani makes weak debut

Shares of speciality alloy maker Mishra Dhatu Nigam (Midhani) got listed at Rs 87 on the bourses, with a discount of 3.33 per cent over its issue price of Rs 90. Read more

 

ICICI Securities crashes on listing

The stock got listed at Rs 431.10 on the BSE, with a discount of 17.09 per cent over its issue price of Rs 520. Read more

Crude oil inches lower

US WTI crude futures were at $63.36 a barrel at 0208 GMT, down 15 cents, or 0.24 per cent, from their previous settlement. Brent crude futures dipped to $67.94 per barrel, down 18 cents, or 0.26 per cent, after it rose 0.7 percent on Tuesday. Read more

 

Dollar eases against yen

The dollar fell 0.1 per cent to 106.50 yen, giving back some of the gains made on Tuesday, when it rose 0.6 per cent against the Japanese currency.  Read more

 

Gold gains on US-China trade tensions

Spot gold rose 0.2 per cent to $1,334.44 per ounce as of 0334 GMT, after falling 0.6 per cent in the previous session. US gold futures were up 0.1 per cent at $1,338.10 an ounce. Read more

 

Asian markets

MSCI's broadest index of Asia-Pacific shares outside Japan was wavering either side of flat. Japan's Nikkei added 0.1 per cent in thin volumes, while South Korea eased 0.2 per cent. EMini futures for the S&P 500 also dipped 0.2 per cent. Read more

 

Rupee up 4 paise

The rupee edged higher by 4 paise to 64.97 against the dollar in early trade on increased selling of the greenback by exporters and banks ahead of the Reserve Bank of India’s first bi-monthly monetary policy meet for FY19. Read more

 

The Sensex and Nifty were trading in the positive zone owing to firm global cues. Short-covering ahead of RBI's first bi-monthly monetary policy meet for FY19 also boosted the domestic sentiment.

At 9.55 am, the Sensex was up 70.46 points or 0.21 per cent at 33,441.09 and the Nifty up 19.35 points or 0.19 per cent at 10,264.35.

Among BSE sectoral indices, realty, auto, healthcare and metal remained investors' favourite, while only oil & gas and consumer durables succumbed to selling pressure.

 

Top five Sensex gainers were Tata Motors, YES Bank, Tata Steel, Maruti and M&M, while the major losers were NTPC, HDFC, Dr Reddy's, Coal India and Infosys.

Asian share markets faltered on Wednesday as simmering fears of a Sino-US trade war overshadowed a bounce on Wall Street and left investors reluctant to take positions in anything.

Rate-sensitives will dance to the tune of RBI

Analysts expect the Reserve Bank of India to maintain status quo stance in its monetary policy review on April 5.Any surprise from RBI could impact the shares of rate-sensitive sectors such as banks and automobiles. Read more

 

Stock in focus

Valecha Engineering has bagged an order worth ₹240 crore from the Public Works Department, Government of Maharashtra. Read more

What to watch

Vascon Engineers through its material subsidiary - GMP Technical Solutions Private Ltd, bagged its maiden contract from Tata Steel for manufacture and supply of steel doors and windows. Read more

 

Day Trading Guide

Given below are supports and resistances for Nifty 50 futures and seven key stocks that can help in your intra-day trading:

₹1916 • HDFC Bank

 

₹1140 • Infosys

 

Click here to view the full table

The 30-share BSE index Sensex opened lower by 5.1 points at 33,365.53 against the previous close of 33,370.63 and the 50-share NSE index Nifty down 4.85 points at 10,245 against Tuesday's close of 10,249.85.

Wall Street closes higher

The Dow Jones Industrial Average rose 389.17 points, or 1.65 per cent, to 24,033.36, the S&P 500 gained 32.57 points, or 1.26 per cent, to 2,614.45 and the Nasdaq Composite added 71.16 points, or 1.04 per cent, to 6,941.28. Read more

 

 

Today's stock pick

Indo Count Industries (₹98.2): Buy

Investors with a short-term perspective can buy the stock of Indo Count Industries at current levels. The stock has been in the limelight over last two days and has jumped 15.7 per cent.  Read more