Sensex bucks shaky trend in Asia, Nifty regains 10,800; Tata Motors, Bajaj Auto rally
Market update: Among the major gainers are Tata Motors, Bajaj Auto, RIL, Yes Bank, Hero Motocorp, TCS, Infosys, Axis Bank, ONGC, Kotak Bank, Adani Ports, SBI, Maruti Suzuki, L&T and Bharti Airtel, rising up to 2.87 per cent.
Barring FMCG, all the sectoral indices were trading in green.
Target: Rs 64
Stoploss: Rs 57
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Faltering Chinese markets dented Asian stocks in a choppy Friday morning, just hours before Washington is set to impose tariffs on Chinese imports that many investors fear might trigger a full-scale trade war in a blow to the global economy. Around 0215 GMT, MSCI’s broadest index of Asia-Pacific shares outside Japan was 0.3 percent lower, pulling back from a modest early rise. The index has lost 8.8 percent since June 7.
Seoul’s Kospi index fell 0.2 percent and shares in Taiwan were 0.4 percent lower. Australian shares were up 0.4 percent. China’s major indexes were choppy in early trade, with the blue-chip CSI300 index in and out of negative territory. It was last 0.2 percent lower, while the Shanghai Composite index fell 0.3 percent.
Small trade range on Nifty is going to be between 10,700 and 10,800, while 10,650-10,825 will be the bigger trade range. 26,500 is going to be a deciding level on BankNifty. In the case of BankNifty, the small trade range stands at 26,400-26,600 while 26,300-26,650 will be the bigger range for trading.
Benchmark Sensex broke its two-day winning streak to end about 71 points lower at 35,574.55 today, tracking losses across Asian peers ahead of imposition of US tariffs on Chinese exports. Index heavyweight Reliance Industries slumped 2.53 per cent after the conglomerate's Chairman Mukesh Ambani unveiled a mega fixed-line broadband initiative and announced plans for an e-commerce platform that may rival the likes of Amazon. Consumer durables, realty, IT, metal, teck, pharma, capital goods, power and oil and gas suffered losses as participants pulled money off the table.