Equity benchmark indices opened lower on Monday tracking a sell-off in global markets after US President Donald Trump vowed to hike tariffs on China. The stock markets sank across the globe and oil prices tumbled as negotiations were thrown into doubt, with the Nifty
falling below 11,600 levels.
, Wipro, and Tech Mahindra were among top gainers, while Tat Motors, JSW Steel
, and Hindalco
were among the losers in today’s trade.
was down 285 points at 38,678 and the Nifty50 was down 85 points at 11,628. The market breadth was negative on the NSE with 515 shares advancing, 1,052 shares declining, and 514 remaining unchanged.
On the sectoral front, Nifty bank, financial services, metal, FMCG and realty indices are under pressure, only pharma index is trading in the green.
Shares of Cadila
were trading flat on the BSE. The company received 14 observations on its formulations manufacturing facility in Moraiya, Ahmedabad (Gujarat) from USFDA.
Shares of Yes Bank
tanked 3% on Monday after ICRA, a rating agency, has downgraded the bank’s tier-I and tier-II bonds and infrastructure debt on a deterioration in the credit quality of large ticket borrowers.
Shares of Hindustan Unilever
(HUL) slipped 1% in the morning trade post Q4 results. The company posted 14% jump in its March quarter net profit at Rs1,538cr against Rs1,351cr in the same quarter last fiscal. CLSA maintained its outperform rating on Hindustan Unilever but slashed its 12-month target price to Rs1,950 from Rs2,010 earlier.
In the broader market, the BSE MidCap index was trading 63 points lower at 14,721, while the BSE SmallCap index was ruling at 14,505, down 34 points.
The Volatility gauge, India VIX is up 4.92% at 25.21.
The most active stocks on the NSE are Yes Bank, Infosys, Federal Bank
, and Reliance Industries.
Asian markets opened weak after President Trump resumed threats to raise tariffs on US$200bn of Chinese products. Trade talks moved slowly and could see further talks get delayed as China reacts to the same. The other negative was North Korea again test firing missiles which saw Asian indices trade weak.
On the currency front, the Indian rupee opened lower by 7 paise at 69.29 per dollar on Monday vs. Friday's close 69.22/$.