Sensex, Nifty end flat as trade war worries resurface

Sensex today Tata Steel Adani Ports rally index on strong footing spike 350 points

Among the sectoral indices, BSE Metal was down 2.75 per cent, followed by Consumer Durables (-2.55 per cent), Basic Materials (-2.07), Capital Goods (-1.95) and Bankex (-1.63).

Closer home, benchmark indexes Sensex and the Nifty gave up early gains to end down more than 1 percent on Wednesday amid persisting worries about global trade war.

The 30-share Sensex opened positive and advanced to a high of 33505.53 but succumbed to a sudden selloff in the afternoon, hitting a low of 32972.56.

The gauge had soared nearly 578 points in the previous session after the RBI kept the policy rate unchanged but said growth will rebound this fiscal amid softening inflation.

This was its biggest single day gain since March 12 when it had rallied 610.80 points. Nifty 50, the benchmark index of National Stock Exchange, jumped up by 200 points closing at 10329.

Majority of the European markets ended Wednesday's session in the red. However, Japan's Nikkei bucked the trend as it rose 0.13 per cent.

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".

"Markets have corrected very well and now awaiting bounces in the corporate earnings momentum", said Motilal Oswal, chairman and managing director, Motilal Oswal Financial Services. The broader Topix index closed with similar gains.

US 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.

Top gainers on Thursday included Hindalco, Vedanta, SBI, Tata Motors (D), Tata Steel, Kotak Mahindra, Bajaj Finserv and ICICI bank while Cipla and Bharti Airtel were some of the key stocks that declined.

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