Negative market indication as global trade wars escalate;
Indian Indices: SGX Nifty indicates a gap down opening. Indian markets are expected to trade with a negative bias in today’s trade as global equities witness correction after China announced it is imposing tariffs on 128 imported goods originating in the US.
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· Major Asian markets are trading in the red. At the time of filing, Nikkei was down 0.91%, Hang Seng was down 1.04%, while Shanghai Composite was trading 0.90% lower.
· US Markets: Stocks witnessed a sharp correction in yesterday’s trade with the Nasdaq and the S&P 500 falling to their lowest closing levels in almost two months. The Dow dipped 1.9% to 23,644.19, the Nasdaq corrected 2.7% to 6,870.12 and the S&P 500 ended 2.2% lower at 2,581.88. The sell-off on Wall Street was witnessed due to escalating trade spat between the United States and China. A sharp correction was also witnessed in the shares of Amazon after US President Donald Trump once again attacked the online retail giant on Twitter.
· European markets were shut yesterday. FTSE 100 contracts also fell. The dollar was marginally weaker and Treasuries were steady. Oil held losses and industrial metals were higher in London.
Major Headlines of the day:
· Motherson inks pact to acquire Reydel Automotive for USD 201 mn.
· JSW Steel: In capacity of an investor, joins Numetal to submit bid for Essar Steel.
· Ashok Leyland: CARE Ratings upgraded the ratings of its short and long-term bank facilities. Meanwhile, the rating of its commercial paper has been reaffirmed.
· Fortis Healthcare: Minority shareholders of the firm are said to have opposed the deal with Manipal.
Trend in FII flows:
The FIIs were Net Value of Rs -689.75 the cash segment Monday while the DIIs were Net Value of Rs 413.16 as per the provisional figures.
Securities in Ban For Trade Date 03-APR-2018:
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