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Markets slump as trade tensions weigh; telecom, metal shares skid

Edited by: India TV Business Desk, Mumbai [ Updated: July 02, 2018 20:29 IST ]
Image Source : PTI


As investors scrambled to unwind bets amid global trade tensions and unabated foreign capital outflows, benchmark indices finished lower on Monday with the BSE Sensex tumbled 159 points to end at 35,264.41, while the broader NSE Nifty finished below the crucial 10,700-mark. 

Sinking 2.61 per cent, the BSE Telecom index was the biggest casualty, followed by metal and power indices. 

The 30-share Sensex too soon came under selling pressure and finally ended at 35,264.41, down 159.07 points, or 0.45 per cent. 

In the same manner, the 50-stock NSE barometer Nifty ended at 10,657.30. 

Meanwhile, the country's manufacturing sector activity in June grew at the strongest pace this year, supported by rise in domestic and export orders. 

The Nikkei India Manufacturing Purchasing Managers Index (PMI) rose from 51.2 in May to 53.1 in June, registering the fastest improvement since December 2017. 

"Weak global cues and trade tensions continued to be an overhang on markets. INR continued to be under pressure led by FII selling, inflationary concerns and current account deficit. 

"Key events this week will be governments announcement on minimum support price (MSP) and fear of escalation in trade war between US and China," said Vinod Nair, Head of Research, Geojit Financial Services. 

Foreign portfolio investors (FPIs) sold shares worth a net Rs 157.15 crore, while domestic institutional investors (DIIs) bought equities to the tune of Rs 2,262.83 crore on Friday, as per provisional data. 

Among Sensex constituents, NTPC emerged as the biggest loser by falling 3.67 per cent, followed by Bharti Airtel at 3.64 per cent.  

However, IT, consumer durables and teck ended in the green, rising up to 0.88 per cent. 

(With PTI inputs)

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