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Market may slide on weak Asian cues

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Negative cues from the global market may put pressure on domestic stocks. Trading of index futures on the stock exchange indicates that the Nifty could fall 50.50 points at the opening bell.

Overseas, Asian shares were trading lower on Monday, as trade tensions between the US and remain in focus. China's trade surplus with the widened to a record in August even as the country's export growth slowed slightly. Trade surplus hit $31.05 billion in August, up from $28.09 billion in July, customs data showed on Saturday, surpassing the previous record set in June. Over the first eight months of the year, China's surplus with its largest export market has risen nearly 15%, adding to tensions in the trade relationship between the world's two largest economies. China's annual export growth in August moderated slightly to 9.8%, the data showed, the weakest rate since March but only slightly below recent trends.

US stocks closed lower Friday after US threatened tariffs on a further $267 billion worth of Chinese imports, on top of earlier promises to levy duties on $200 billion worth of Chinese goods. While the US tariffs on $200 billion Chinese goods have not been implemented, Trump said they could "take place very soon, depending on what happens with them."

US jobs report that showed that 201,000 jobs were added in the month of August. The unemployment rate held steady at 3.9% and wage growth showed signs of accelerating.

Closer home, foreign portfolio investors (FPIs) bought shares worth a net Rs 37.56 crore on 7 September 2018, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) bought shares worth a net Rs 942.45 crore on 7 September 2018, as per provisional data.

Key benchmark indices logged modest gains on Friday, 7 September 2018, led by index pivotals Reliance Industries, and The barometer index, the BSE Sensex, gained 147.01 points or 0.38% to settle at 38,389.82. The index rose 52.20 points or 0.45% to settle at 11,589.10.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Mon, September 10 2018. 07:54 IST
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