Sensex ends 100 points up after volatile day, Nifty below 11000

Sensex ends 100 points up after volatile day, Nifty below 11000

Mumbai, Aug 2: Fresh trade war concerns between the United States and China weighed down investors’ sentiment on Friday leading to a sluggish trade through the day. The benchmark S&P BSE Sensex and the broader Nifty50 plummted 411 points and 131 points respectively during the intra-day trade before staging a smart recovery during the last trading hour.
Indices inched higher on reports that the PMO took stock of the steep sell-off being witnessed in the market since the presentation of the Union Budget 2019-20. Reports suggested that PMO met officials from the Finance Ministry on Thursday to discuss concerns raised by the FPIs and even considered proposals submitted by them.
The Sensex closed at 37,118 level, up 100 points, or 0.27 per cent with Bharti Airtel, Asian Paints, Bajaj Auto, and Maruti being the top gainers. On the other hand, Tata Steel, SBI, Vedanta, and ONGC ended the day with steep losses. The broader Nifty50 failed to hold the psychological 11,000-mark to end at 10,997, up 17 points, or 0.16 per cent.
In the broader markets, S&P BSE Mid-cap closed at 13,547 level, up 20 points, or 0.15 per cent while the S&P BSE Small-cap settled 55 points, or 0.44 per cent, lower at 12,496 level.
Sectorally, metals slipped the most as risks to global economy increased after US President Donald Trump imposed fresh tariffs Chinese imports. The index dipped 2.16 per cent at close, followed by Nifty PSU Bank, down 1.12 per cent. Among the gainers, Nifty Auto index ended 1.26 per cent higher, followed by Nifty IT index, which gained 0.57 per cent on the back of weaker rupee.
GLOBAL CUES
European stocks posted their biggest drop of 2019 on Friday and German bond yields hit record lows after US President Donald Trump fired his latest trade war salvo at China, jolting markets and sparking a frenzied bid for safe-haven assets.
Markets around the globe dived into a sea of red, with the pan-European Stoxx dropping 2 per cent in its sharpest daily tumble of 2019. The trade-sensitive DAX and France’s CAC 40 dropped 2.7 per cent, the former hitting a fresh two-month lows.
At close, MSCI’s index of world stocks dropped 0.6 per cent as Asian bourses nursed heavy losses. Japan’s Nikkei fell 2.1 per cent, Hong Kong slumped 2.5 per cent and China mainland stocks declined around 1.5 per cent.