Sensex, Nifty end lower as bulls run into trade war fears : Bulletin: Business Today
Business Today

Mkt Podcast: Indices end lower as bulls run into trade war fears

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July 5, 2018

The market snapped its two-day winning streak, tracking losses across Asian peers ahead of imposition of US tariffs on Chinese exports.

While the Sensex closed 70 points lower at 35,574, Nifty fell 20 points 10,749 level.  Unabated foreign fund outflows and a weak rupee added to the gloom, brokers said.

Market heavyweight Reliance Industries slumped 2.53 per cent to 965 level after chairman Mukesh Ambani unveiled a mega fixed-line broadband initiative and announced plans for an e-commerce platform that may rival the likes of Amazon.

Shares of cable TV service providers Den Networks and Hathway Cable closed 10.73 percent and 15.40% lower after Reliance Industries launched ultra high speed fixed line broadband services for homes and enterprises.  The stocks fell on the likely impact of this new fiber broadband service on existing cable TV service providers' customer base.

Meanwhile, Infosys, Vedanta and Tata Steel were the top Sensex losers. Infosys will announce its Q1 earnings next week.  

YES Bank,  ITC  and Bajaj  Auto were the top Sensex gainers.

Rana Kapoor-led YES Bank said it has received approval from capital markets regulator Sebi to start mutual fund business.  

Consumer durables and IT stocks led the losses. While the BSE consumer durables index fell 2.78% to 19,630, the BSE information technology index lost 1.60% to close at 13,881 level.

Market breadth was negative with 1053 stocks closing higher compared with 1557 ending in the red on BSE.
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