Indian headline stock indices Sensex and Nifty were slugging in the late morning trade on Wednesday tracking global cues. At 11:49 AM, while the Sensex was trading at 37,226.11, down 101 points from the previous close, Nifty50 was seen trading at a level of 10,989.55, down 27.45 points from the last settlement. Both the indices had opened lower in the morning. The major losers on BSE are Tata Motors and Yes Bank, while the gainers are Hero MotoCorp and HDFC. Among the Nifty 50, the leading losers are Tata Motors, Yes Bank and Indiabulls Housing Finance, while the top gainers are Eicher Motors, Hero MotoCorp and HDFC Bank.
“Developments on geopolitical tensions and the probable announcement of stimulus would remain key monitorable ahead. Domestic markets ended slightly negative on the back of mixed global cues. US markets ended firmly lower on the back of a slide in bond yields,” ICICI Securities said in a note today.
The Asian shares flatlined on Wednesday amid global recession fears and trade war between the two economic giants – the US and China. Today, the investors are keenly waiting for the US Fed minutes due to release today which will hint about the next stance of US Fed Res in the upcoming policy. The Fed Res cut rates by 25 basis points on July 31, but Chairman Powell refrained from indicating further easing.
MSCI’s broadest index of Asia-Pacific shares outside Japan dithered either side of the flat after three straight days of gains. Japan’s Nikkei fell 0.3%, while Shanghai blue chips added a slim 0.06%. Faring a bit better were E-Mini futures for the S&P 500, which firmed 0.3%, while EUROSTOXX 50 futures edged up 0.1%. Political uncertainties in Hong Kong, Britain and Italy have also added to the woes of investors. The prospect of new elections in Italy after the resignation of Prime Minister Giuseppe Conte led to a slide in Italian sovereign bond yields, according to Reuters.