Markets at noon S&P BSE Sensex 32,602.70 0.02% Nifty 50 9,985.35 -0.13% S&P BSE 200 4,369.84 -0.05% Nifty 500 8,789.70 -0.13% S&P BSE Mid-Cap 15,654.41 -0.25% S&P BSE Small-Cap 16,718.56 -0.49% Oil & gas shares under pressure Shares of state-owned oil & gas companies including oil marketing companies (OMCs) were under pressure with the S&P BSE Oil & Gas index falling nearly 2% on the BSE. GAIL India, Hindustan Petroleum Corporation (HPCL), Indraprastha Gas, Bharat Petroleum Corporation (BPCL), Oil India and Petronet LNG were down 2% to 5% on the BSE. READ MORE TOP BSE500 GAINERS COMPANY PRICE() CHG() CHG(%) VOLUME MMTC 58.40 3.80 6.96 510449 CADILA HEALTH. 389.00 19.05 5.15 57134 JBF INDS. 98.30 3.35 3.53 20684 FUTURE LIFESTYLE 400.00 12.05 3.11 8591 BATA INDIA 728.35 20.40 2.88 25204 Wipro shares hit 8-month low, slip 4% in intra-day Shares of Wipro hit an over eight month low of Rs 274 per share, down 4%, extending its 3% decline on the BSE in past two sessions. The stock of information technology (IT) company was trading at its lowest level since July 20, 2017. In past three months, Wipro has underperformed the market by falling 10% as compared to 4% decline in the S&P BSE Sensex. READ MORE Corrections and valuations: Scams, banking crisis may keep markets subdued On March 11, I had speculated that the stock market could be due for a steep correction. Conditions for a big trend reversal are visible, including very high valuations, scams, banking crisis, and political uncertainty. READ MORE LTCG tax and trade war: Markets head for worst 2-month drop since FY16 Indian equities are headed for the worst two-month drop since March 2016 amid escalating trade tensions globally and domestic concerns, such as political uncertainty, the banking fraud, and the rollout of the long-term capital gains (LTCG) tax. READ MORE
The domestic indices continued to trade flat on Monday taking cues from from their key Asian counterparts.
Among sectoral indices, the Nifty PSU Bank index was trading around 2% higher led by a rise in the shares of Canara Bank, Bank of Baroda and State Bank of India.
In the week ahead, domestic investors will look forward to the fiscal deficit data to be released on Wednesday. Also, the expiry of the current month futures and options contracts are due on Wednesday and positions will be rolled over to next month.
In the global markets, fears of a full-blown trade war between the United States and China battered Asian shares again on Monday, keeping the safe haven yen near a 16-month peak as investors fretted over the fate of global growth.
Japan's Nikkei stumbled 0.9 per cent to a near six-month trough in early trade, while MSCI’s broadest index of Asia-Pacific shares outside Japan slipped 0.1 per cent for their fourth consecutive day in the red.
US President Donald Trump had signed a memorandum last week that could impose tariffs on up to $60 billion of imports from China, although the measures have a 30-day consultation period before they take effect.
China urged the United States to “pull back from the brink” as the world’s two largest economies moved closer to a trade war with potentially dire consequences for the global economy.
The tariffs are on top of additional duties on steel and aluminum on a number of countries including China, which has already hit back with its own plans to slap duties on up to $3 billion of US imports.
(with Reuters inputs)
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