Market Closing Podcast on June 21, 2018

Moneycontrol News

The S&P BSE Sensex slipped over 100 points on Thursday as trade tensions between the U.S. and China is got escalated even India earlier in the day notified that its retaliatory tariff against 30 US products worth $240 million will come into effect starting 4 August.

India has increased import duties on some agricultural and steel products that are imported from the United States in retaliation against Washington's new global tariff on steel and aluminium.

Minutes of Reserve Bank of India (RBI) which hinted at the rise in inflation, as well as OPEC meeting on Friday are some of the other factors which weighed on sentiments.

The S&P BSE Sensex closed 114 points lower or 0.32 percent at 35,432 while the Nifty50 closed 30 points down or 0.29 percent at 10,741.

“Market continued to be under pressure as trade tensions between the U.S. and China is getting escalated. Emerging markets including India were underperforming due to FIIs selling,” Anand James, Chief Market Strategist, Geojit Financial Services Ltd told Moneycontrol.

“OPEC meeting tomorrow will be a key event, relaxation in production cuts will provide some relief to Indian markets,” he said.

Sectorally, the S&P BSE oil & gas index rose 0.6 percent, followed by the S&P BSE Energy index which was up 0.85 percent.

The S&P BSE Telecom index slipped 1.6 percent, followed by the S&P BSE Healthcare index which slipped 1.1 percent, S&P BSE Capital Goods index which was down 1.09 percent, and the S&P BSE Metal index was down 0.98 percent.

The S&P BSE Midcap index slipped 0.53 percent, and the S&P BSE Smallcap index was down 0.79 percent.

Top Sensex gainers include names like ICICI Bank (up 1.4%), RIL (up 1.2%), HDFC (up 0.47%), Tata Motors (up 0.3%), and Infosys (up 0.24%).

Top Sensex losers include names like Dr Reddy’s Laboratories (down 2.2%), M&M (down 2.1%), ONGC (down 1.9%), Power Grid (down 1.8%), and SBI (down 1.6%).