Sensex, Nifty End Flat; TCS Gains 5% After Strong Q1 Show
The domestic stock markets swung between gains and losses all through Wednesday's trading session before ending the day marginally higher. Escalating trade war concerns between the US and China made Dalal Street cautious, analysts said. The S&P BSE Sensex settled at 36,265.93, up 1.05 points or 0.01 per cent while the broader Nifty50 closed at 10,948.30, with a gain of 1.05 points or 0.01 per cent.
"The markets are cautious ahead of the release of the list of Chinese imports worth $200bn which are likely to face tariffs. The overall sentiment in the global markets has turned pessimistic due to trade tensions," said Viral Berawala, CIO, Essel Mutual Fund.
IT stocks were the biggest sectoral gainers as Tata Consultancy Services (TCS) shares closed 5 per cent higher on strong June quarter numbers.
US' threat of tariffs on an additional $200 billion worth of Chinese goods pushed the world's two biggest economies ever closer to a full-scale trade war. Global stocks fell and metals prices slumped to their lowest in a year, according to a report by news agency Reuters. Shanghai markets were hardest hit overnight - with stocks there down almost 2 per cent and the yuan weakening towards last week's 11-month lows, down 0.4 per cent to 6.66 per dollar. Hong Kong's Hang Seng lost more than 1 per cent, as did Japan's Nikkei as the yen received something of a safety bid.
(With agencies inputs)