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Nifty slips 18 pts as US-China trade war intensifies

Mumbai, Jun 18 (PTI) The NSE Nifty closed 18 points lower at 10,799.85, triggered by weak global cues in the wake of escalation of trade tariff war between the US and China.

Despite gains in energy, auto and private banks, the broader market remained weak with losses in metal, IT and realty.

The trading momentum turned lacklustre after initial gains as the sentiment was driven by weak global trend.

US President Donald Trump on Friday said he was pushing ahead with hefty tariffs on USD 50 billion of Chinese imports, prompting China to respond in the same manner.

Overseas, European and Asian shares too fell.

Markets in China, Hong Kong, Taiwan and Indonesia were closed for holidays.

The 50-share NSE Nifty settled a tad below 10,800-level at 10,799.85, showing a loss 17.85 points, or 0.17 per cent. It shuttled between 10,830.20 and 10,787.35 during the session.

It saw an intra-day movement of about 42.85 points.

Sector-wise, metal fell by 1.74 per cent, followed by IT 0.69 per cent, realty 0.38 per cent, PSU bank 0.35 per cent, media 0.25 per cent, FMCG 0.22 per cent and financial services 0.12 per cent.

While, energy rose by 0.66 per cent, auto 0.27 per cent, private bank 0.12 per cent and pharma 0.03 per cent.

Major index gainers were Hindustan Petroleum, ICICI Bank, IOC, BPCL and Tata Motors.

Among the index losers were Hindalco, Vedanta Ltd, Bharti Airtel, Kotak Bank and Bajaj Finance.

The market breadth, indicating its overall health, remained negative, a total of 560 scrips advanced and 1,238 declined, while 78 remained unchanged.

As many as 186 securities hit their price bands.

Turnover in the cash segment fell to Rs 23,184.81 crore, from Rs 37,545.88 crore as on last Friday.

A total of 10,825.69 lakhs shares changed hands in 89,31,233 trades. The market capitalisation of listed firms on the NSE stood at Rs 1,46,73,992 crore. PTI RD MKJ

MKJ

Disclaimer: This story has not been edited by BW staff and is auto-generated from a syndicated feed.


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