Sensex, Nifty open flat today; Biocon, Sun Pharma, Maruti Suzuki, Infosys top gainers
On global front, Asian shares fell today as fresh worries about a global recession led investors to dump risky assets, with US President Donald Trump showing no signs of backing down in his trade war with China.
Indian indices commenced the day on a flat note with the Sensex down 19.64 points at 37,308.37, while Nifty was down 10.90 points at 11,006.10. However, among the major gainers are Biocon, Alembic Pharma, Sun Pharma, Maruti Suzuki, Infosys, TCS, and Bajaj Auto, while losers are Britannia, Yes Bank, Hindalco, and Tata Motors.
Amid neutral domestic institutional investors (DIIs) and futures and options (F&O), negative global market and foreign institutional investors (FIIs) cues the short-term trend of the domestic Indian markets will be Neutral on Wednesday, while sentiment is cautious, according to Anil Singhvi, Managing Editor of Zee Business.
Talking about stock of the day, Singhvi suggested to sell Dr Reddys Futures: Stop loss 2565 and target 2505, 2485, there are eight observations by USFDA on its plant.
On global front, Asian shares fell today as fresh worries about a global recession led investors to dump risky assets, with US President Donald Trump showing no signs of backing down in his trade war with China, as he stated that on Tuesday that he had to confront China over trade even if it caused short-term harm to the US economy because Beijing had been cheating Washington for decades, according to Reuters.
Aside from the trade war, political turmoil in Hong Kong, Britain and Italy have also heightened uncertainties for investors, said the report, adding that the prospect of new elections in Italy after the resignation of Prime Minister Giuseppe Conte added to jitters, sending Italian sovereign bond yields sliding.
Currency markets, however, were mostly subdued ahead of the Jackson Hole meeting and Fed minutes, slated today. The Japanese yen was little changed at 106.24 per dollar after firming 0.4% versus the greenback on Tuesday, while sterling was last trading at $1.2162. The euro trod water near Tuesday`s high of $1.1101. The dollar index was on the defensive as it drifted away from a three-week top touched earlier on Monday. It was last flat at 98.208.
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In commodities markets, US crude dipped 2 cents to $56.11 per barrel while Brent added 5 cents to $60.08. Spot gold was a shade weaker at $1,506.14 an ounce, Reuters report added.
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Earlier on Tuesday, the benchmark indices ended lower in the volatile trading session. BSE Sensex lost 74.48 points or 0.20% and closed at 37,328.01, while NSE Nifty finished below 11,050 level at 11,017 after losing 36.90 points or 0.33%. The Bank Nifty was also down by 203.65 points or 0.72% and settled at 27,982.45.