INSUBCONTINENT EXCLUSIVE:
NEW DELHI: Benchmark equity indices BSE Sensex and NSE Nifty opened higher on Wednesday, tracking overnight gains on Wall Street after US
President Donald Trump delayed tariffs on some Chinese imports and gave much-needed relief for markets.
Trump backed off his September 1
deadline for 10 per cent tariffs on the remaining Chinese imports, delaying duties on cellphones, laptops and other consumer goods in the
hopes of blunting their impact on US holiday sales
Following this development, most of the Asian markets too got a leg up with MSCI's broadest index of Asia-Pacific shares outside Japan
South Korea's KOSPI advanced 0.8 per cent and Japan's Nikkei rose 0.6 per cent
Market sentiment also got a boost after retail inflation inched down to 3.15 per cent in July against 3.18 per cent in the previous month
This was the first time in six months that the inflation rate dipped.
As a result, the 30-share Sensex opened 275.34 points higher at
37,233.50, while the 50-share Nifty index opened 77.40 points higher at 11,003.25.
The 30-pack Sensex traded over 400 points higher, led by
gains in index heavyweights Vedanta, Tata Steel, Bajaj Finance, Hero MotoCorp, ICICI Bank, HDFC and Tech Mahindra amid firm global cues.
Sun
Pharma, YES Bank, Power Grid, TCS and Kotak Mahindra Bank were down between 1-4 per cent.
Mustafa Nadeem, CEO, Epic Research said, “We
believe the bears are here to stay for a while and it won't be easy and quick for the market to recover anytime soon
We remain cautious and maintain our sell on a rising approach.” His view came after Sensex and Nifty plunged more than 1.50 in the
previous trading session.
Sanjeev Hota, Head of Research, Sharekhan by BNP Paribas said, “The global risk aversion and favour for safe
haven like gold and bonds is impacting the entire emerging market flow
The volatility in the market could continue for some more time till some favorable measures from government to boost the equity
market.”
Shares of HDFC Life plunged 7 per cent on reports a total of 6.4 crore shares changed hands on the counter at Rs 486 a piece in
early trade, representing 3.2 per cent of the company’s total stake.
BSE Midcap index was trading 0.41 per cent higher while BSE Smallcap
was up 0.28 per cent at around 9.40 am.
Most of the sectoral indices traded higher, however, BSE Healthcare was the worst performer, sliding
