Sensex trades flat with negative bias; Vedanta, Kotak Bank top losers
Asian shares retreated on Monday after U.S. President Donald Trump cranked up trade tensions with China by going ahead with tariffs on Chinese imports, prompting Beijing to immediately respond in kind. Fears of a trade war added to pressure on oil prices, which extended Friday`s big fall amid expectations of higher output from OPEC and Russia.
MSCI`s broadest index of Asia-Pacific shares outside Japan dropped 0.2 percent in early trade, near its lowest level since May 31. Financial markets in China and Hong Kong will be closed on Monday for Dragon Boat festival holiday.
Japan`s Nikkei slid 0.7 percent as fears of growing protectionism overshadowed stronger-than-expected export data.
Wall Street On Friday
Wall Street stocks ended lower on Friday, capping a day of heavy trading with investors mostly pulling back from initial concerns over an escalating trade dispute between the United States and China. The Dow Jones Industrial Average fell 84.83 points, or 0.34 per cent, to 25,090.48, the S&P 500 lost 3.07 points, or 0.11 percent, to 2,779.42 and the Nasdaq Composite dropped 14.66 points, or 0.19 percent, to 7,746.38.
Markets On Friday
The BSE Sensex ended with modest gains on Friday, helped by a late burst of buying in technology and pharma stocks, even as global sentiment took a hit after the US slapped fresh tariffs on Chinese imports. Index heavyweight TCS spurted 2.75 per cent after the company's board approved a Rs 16,000-crore share buyback plan.
Global cues were grim as US President Donald Trump approved levying of new tariffs worth USD 50 billion on Chinese exports, while Beijing vowed to quickly retaliate.
The 30-share Sensex, after succumbing to a broad sell-off in afternoon trade, managed to close 22.32 points or 0.06 per cent higher at 35,622.14 on fag-end buying in IT and pharma counters.
The NSE Nifty, which dipped below the key 10,800-mark to touch a low of 10,755.40, bounced back on late buying to close at 10,817.70, up 9.65 points, or 0.09 per cent.