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The domestic indices were trading largely flat on Thursday taking cues from their key Asian counterparts.
The Asian stock markets slipped broadly on Thursday while government bonds attracted safe-haven demand amid mounting investor concerns that growing trade tensions would hurt the global economy.
MSCI’s broadest index of Asia-Pacific shares outside Japan dropped 0.45 per cent. Hong Kong’s Hang Seng dropped 0.75 per cent, South Korea’s KOSPI lost 0.45 per cent and Japan’s Nikkei was down 0.85 per cent.
US stocks fell on Wednesday after US President Donald Trump sought to impose fresh tariffs on China, intensifying fears of a trade war that could raise costs and hurt overseas sales for US companies.
The Dow Jones Industrial Average fell 248.91 points, or 1 per cent, to end at 24,758.12, the S&P 500 lost 15.83 points, or 0.57 per cent, to 2,749.48 and the Nasdaq Composite dropped 14.20 points, or 0.19 per cent, to 7,496.81.
Among major political developments back home, the chemistry that Prime Minister Narendra Modi had struck with the electorate of Uttar Pradesh in the 2014 Lok Sabha and 2017 state Assembly polls was trumped by the arithmetic of Samajwadi Party (SP) and Bahujan Samaj Party (BSP) coming together for the Gorakhpur and Phulpur by-elections, the results for which were announced on Wednesday.
In Bihar, the Rashtriya Janata Dal (RJD) retained the Araria Lok Sabha and Jehanabad Assembly seats, while the Bharatiya Janata Party won the Bhabhua Assembly seat.
(with inputs from Reuters)
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