Market Closing Podcast on July 06, 2018

The S&P BSE Sensex erased most of its intraday gains while the Nifty50 failed to close above its crucial level of 10,800 levels on Friday as investors prefer to book profits at higher levels.  

Trading remains muted across most of the Asian markets but bulls manage to gain control on D-Street amid fears of a trade war, but some experts say that it was priced in. U.S. tariffs on $34 billion worth of Chinese exports took effect on Friday, and concerns of retaliation by Beijing somewhat dampened sentiment across the region. 

U.S. tariffs on more than 800 goods from China worth $34 billion took effect earlier today while China’s commerce ministry said in a statement shortly after the deadline passed that it was forced to retaliate, meaning $34 billion worth of imported U.S. goods including autos and agricultural products also faced 25 percent tariffs, said a Reuters report. 

“Chinese shares led a recovery by Asian market, partly helped by the perception that the tariff measures were already priced in though worries about what lay ahead for global markets boosted appetite for perceived safe-haven assets such as government debt and the Japanese yen,” it said.  

The S&P BSE Sensex closed 83 points higher or 0.23 percent at 35,657 while the Nifty50 ended 22.90 points higher at 10,772.65.