Published: Sun, April 08, 2018
Markets | By Erika Turner

Sensex loses 93 points in early trade

Sensex loses 93 points in early trade

HDFC Bank's chief economist Abheek Barua, however, feels that it was "an unexpectedly dovish policy with the RBI highlighting inflation risks (oil, procurement prices, HRA for government employees) but at the same time revising their forecasts downward". The SGX Nifty is pointing that Nifty may open with gains of around 167 points at 10,297.

The renewed fears of a trade war between the USA and China spooked the Indian market.

Besides the global trade tension, local investors were edgy ahead of the RBI's monetary policy announcement on Thursday.

Mumbai: The equity markets staged a spectacular rally on Thursday led by bank stocks after the Reserve Bank of India revised downwards its inflation forecast for FY19 while maintaining a bullish outlook on growth.

The Sensex rose 571.31 points or 1.73 percent to 33,590.38 and the Nifty gained 185.90 points or 1.84 percent at 10,314.30. Despite opening on a flat note, the benchmark indices succumbed to global pressures to finally close the day with losses of over one per cent.

Sensex cracks 350 points; Nifty ends below 10200
Sensex gives 577-point salute to RBI

The rate-sensitive auto index ended 1.76 per cent higher, with Hero MotoCorp, Tata Motors, M&M, Maruti Suzuki and Bajaj Auto rising by up to 3.11 per cent. Intra-day, it shuttled between 10,290.85 and 10,350.45.

The tension could also be felt on the Chinese yuan, which suffered its biggest daily fall versus the dollar in two weeks. At 9.15am, the home currency was trading at 65.02 a dollar, up 0.19% from its Wednesday's close of 65.15.

USA stocks rebounded from early losses to end sharply higher overnight amid bets that a full-blown trade war between the world's two biggest economies can be averted despite the tit-for-tat tariff threats.

The nervousness was seen on other bourses with European markets trading in the negative zone in early deals. The DAX of Germany lost 0.37% and the CAC 40 of France dipped 0.20%.

Hamilton handed five-place grid penalty for Bahrain GP
Raikkonen's session ended 15 minutes early when his auto ground to a halt out on track just after Turn Three. The Dutchman has said he will struggle to get a top-six finish on raw pace alone in the race.

Like this: