MARKET COMMENT Jayant Manglik, President, Religare Broking The escalating global trade tensions between US and other major economies could keep the Indian markets choppy and volatile in the coming sessions. The progress of monsoon and movement of crude oil prices & currency (INR vs USD) will also be closely monitored by the market participants. Investors’ focus should remain on quality stocks with strong financials and bright prospects. However, traders should remain cautious and strictly hedge their positions
The S&P BSE Sensex ended at 35,490, up 20 points while the broader Nifty50 index settled at 10,769, up 7 points.
Among sectoral indices, the Nifty FMCG index settled nearly 1% up led by rise in shares of GlaxoSmithKline Consumer Healthcare, United Spirits and Marico.
On Tuesday, the market capitalisation of Tata Motors fell below that of Bajaj Auto and Eicher Motors after a 10% decline in the share price of the company amid concerns over auto tariff threat by the US. The stock settled 4.4% lower at Rs 277 on the BSE.
Asian equities were lower across the board after Wall Street tumbled, with the S&P 500 and Nasdaq suffering their steepest losses in more than two months overnight.
(with Reuters inputs)