Monday, 15 October, 2018

Nifty drops 60.75 points as geopolitical tensions grip investors

Et tu Karnataka asks Omar Abdullah on Karnataka election results Sensex swings to counting trends
Glenn Montgomery | 18 May, 2018, 16:15

However, forex participants did not rule out the possibility of rupee touching 70-level mark against the United States dollar in the coming months as the underlying sentiments still remains weak.

Crude oil prices went past the $80 per barrel mark on Thursday.

Trend at other Asian markets, however, was better as investors kept a cautious watch on developments in US-China trade negotiations.

Overall forex market has been hampered on the heels of the boiling global crude prices - its highest advances since 2014 is squeezing the carry-trade returns on the rupee to a point where they are the worst in Asia.

Benchmark indices stayed on the back foot for the second straight session on Wednesday as post-poll uncertainty in Karnataka and flaring up of tensions on the Korean peninsula sapped investor optimism.

The 30-share Sensex resumed higher at 35,483.62 and advanced to a high of 35,510.01.

The barometer Sensex of the BSE, which had opened at 35,452.35 points, closed at 35,387.88 points - lower by 156.06 points or 0.44 per cent - from the previous day's close at 35,543.94 points.

At 12.30 p.m., the wider 50-scrip Nifty of the National Stock Exchange (NSE) was trading at 10,706.45 points - down 34.65 points or 0.32 per cent from the previous close of 10,741.10 points. Although trading with a mild gain of 0.05 per cent, MSCI's broadest index of Asia-Pacific shares outside Japan was headed for a 1 per cent loss for the week.

Foreign portfolio investors (FPIs) net sold shares worth ₹699.22 crore, while domestic institutional investors (DIIs) bought equities to the tune of ₹ 229.06 crore on May 16, as per provisional data.

Other laggards were Sun Pharma, Tata Motors, Tata Steel, Wipro, Maruti Suzuki, ONGC, Coal India, M&M, Adani Ports, Axis Bank, Bharti Airtel, Reliance Industries, NTPC, HDFC Ltd, HDFC Bank, Power Grid, Dr Reddy's and Infosys, falling up to 3.21 per cent.

The NSE Bank Index fell as much as 0.8 per cent, extending its drop into a third session.

In Europe, Frankfurt's DAX fell 0.12 per cent, while Paris CAC shed 0.28 per cent in early deals.

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