Metals were the top drag as global industrial metal prices took a hit on trade deal concerns
Indian shares tracked broader Asian markets on Wednesday, with metals extending their decline to a second session, as hopes of a quick initial US-China trade deal dimmed following US President Donald Trump’s remarks. The S&P BSE Sensex index fell as much as 130.63 points to hit 40,544.82 at the session’s weakest mark, whereas the broader NSE Nifty benchmark moved in a range of 74.95 points between 11,951.55 and 12,026.50. The Sensex spiked 245.3 points from the intraday low to touch 40,790.12 on the upside at one point but failed to stay positive.
“In some ways, I like the idea of waiting until after the election for the China deal. But they want to make a deal now, and we’ll see whether or not the deal’s going to be right; it’s got to be right,” Mr Trump told reporters in London on Tuesday, where he was due to attend a meeting of NATO leaders.
MSCI’s broadest index of Asia-Pacific shares outside Japan fell 0.9 per cent as investors turned to safe-haven assets.
Among domestic indexes, metals were the top drag as global industrial metal prices took a hit on trade deal concerns.
The Nifty metals index fell 1.83 per cent. Heavyweight components such as Tata Steel lost 2.41 per cent, while JSW Steel dropped about 2 pe rcent in early trade.
Yes Bank , down about 3 per cent, was the top loser on the Nifty. Bharti Infratel gained 1.83 per cent and was the top gainer on the blue-chip index.
Source: NDTV Profit