Sensex, Nifty To Open Lower On Weak Global Cues

Other Asian markets were also in the negative zone as investors fret over the prospect of a global trade war, accelerating selling pressure on the domestic bourses, brokers said.

THE BSE Sensex on Friday dived nearly 510 points - its biggest single-day fall since Feb 6 - to close at 33,176 due to a major sell-off amid global trade worries and political concerns after the TDP quit the NDA and moved a no-confidence notice against the Government.

The wider Nifty50 of the National Stock Exchange (NSE) traded lower by 38.45 points or 0.38 per cent at 10,055.80 points.

The 30-share index was trading 144.56 points, or 0.44 per cent, higher at 33,067.68 at 1200 hrs. The index had lost 994.82 points in the previous five sessions on worries over widening current account deficit and possible US Fed rate hike.

The market shrugged of its early losses, with IT and telecom stocks leading the recovery.

Читайте также: Pakistan decides to skip WTO meet hosted by India

Global cues were weak as investors moved cautiously before the US Federal Reserve meeting that is likely to raise US interest rates. Other laggards included Wipro, Yes Bank, Coal India, Infosys, Asian Paint, Bajaj Auto, Adani Ports, SBI, Tata Motors, Kotak Bank, Sun Pharma, ICICI Bank, Hero MotoCorp, Dr Reddy's, HDFC Ltd, Axis Bank, IndusInd Bank, RIL, ITC Ltd, ONGC, HDFC Bank and M&M that lost up to 2.60 per cent.

Among secondary barometers, the BSE Mid-Cap index was up 0.11%.

However, side-counters have shown impressive gains during the week with the S&P BSE Mid-Cap index advancing 1.45 per cent and the BSE Small-Cap index gaining 1.56 per cent.

The US Federal Reserve's two-day monetary policy meeting is scheduled on March 20-21. Investors also have been worrying this month about a potential global trade war, triggered by the Trump administration moving ahead with tariffs on foreign steel and aluminum. Shanghai Composite Index was down by 0.26 percent in their early deals.

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