Key equity indices were trading in a narrow range with small losses in morning trade. At 10:30 IST, the barometer index, the S&P BSE Sensex, was down 35 points or 0.09% at 37,055.82. The Nifty 50 index was down 20.95 points or 0.19% at 11,127.25. The undertone of the market was weak as the trade war between the United States and China escalated.
The market breadth, indicating the overall health of the market, was weak. On BSE, 611 shares rose and 1206 shares fell. A total of 100 shares were unchanged.
On the economic front, the all-India general Consumer Price Index (CPI) inflation rose to 2.92% in April 2019, compared with 2.86% in March 2019. The inflation based on CPI was 4.58% in April 2018. The Central Statistics Office (CSO) released the data after market hours yesterday, 13 May 2019.
China announced on Monday that it will raise tariffs on $60 billion worth of US goods, beginning on 1 June 2019. The goods targeted include a broad range of agricultural products. Last week, US President Donald Trump raised duties on $200 billion in Chinese goods to 25% from 10%.
US Trade Representative's office reportedly said it planned to hold a public hearing next month on the possibility of imposing duties of up to 25% on a further $300 billion worth of imports from China.
In US, stocks closed sharply lower Monday, as investors weighed an escalating tariff fight that could pose risks to the US, Chinese and global economies.
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