Stock Market News: Sensex Sheds 177 Points, Nifty Closes Above 25,200 Amid Renewed Global Trade Tensions

Stock Market News: Headline indices began the week on a weak note on October 13 following renewed global trade tensions after US President Donald Trump threatened to impose an additional 100 per cent tariff on Chinese imports. The BSE Sensex closed at 82,322.87 down by 177.95 points or 0.22 per cent. The Nifty 50 finished at 25,227.35 down by 58 points or 0.23 per cent.

On October 13, the benchmark Nifty slipped 0.52 per cent to an intraday low of 25,152.3. On the other hand the BSE Sensex declined 0.5 per cent to an intraday low of 82043.14. However the indices managed to recover from their respective intraday lows in the last hour of the trading session amid positive cues such as optimism regarding the finalisation of the India-EU Free Trade Agreement (FTA) strong buying activity across select sectors.

Tata Motors, Infosys, Wipro Lead Losers

Shares of Tata Motors, Infosys and Wipro emerged as the biggest losers among Nifty 50 stocks on October 13 as they closed lower by 2.2 per cent, 1.49 per cent and 1.43 per cent, respectively, on the NSE. While 30 constituents of the Nifty 50 closed lower, 19 constituents finished the session in green. Shares of Adani Ports and Special Economic Zones, Bajaj Auto and Bajaj Finance led the winners, closing higher by 2.1 per cent, 1.5 per cent and 1.48 per cent, respectively.

Nifty Bank and Nifty Realty Gain

While most major sectoral indices finished the session lower, the Nifty Bank and the Nifty Realty closed the session with gains of 0.05 per cent and 0.03 per cent, respectively. Conversely, the Nifty IT and the Nifty FMCG witnessed the biggest declines among all sectoral indices, finishing lower by 0.84 per cent and 0.77 per cent, respectively. Broader market indices finished the session mixed, with the Nifty SmallCap 100 closing lower by 0.12 per cent and the Nifty MidCap 100 closing higher by 0.14 per cent.

Global Markets On October 13

Asian indices finished the session lower on October 13 amid escalating trade tensions between the US and China. China’s Shanghai Composite finished the session at 3,889.5 levels down by 7.53 points or 0.19 per cent. The Hang Seng finished lower by 1.65 per cent, and the KOSPI ended lower by 0.73 per cent. The Nikkei 225 slumped 1.02 per cent at the close.

Primary Market Action

Shares of Tata Capital made a muted debut on the BSE and NSE. On the other hand, the public issues of Canara Robeco Asset Management Ltd and Rubicon Research Ltd are scheduled to close for subscription today.

Market Outlook

The announcement of financial results by major companies such as Tech Mahindra Ltd, Persistent Technologies India Ltd, and Indian Renewable Energy Development Agency Ltd (IREDA) is expected to impact trade on October 14. D-street will also factor in the Wholesale Price Index (WPI) inflation data for the month of September, which will be released on October 14.

On the other hand, D-street will also react to fresh developments on the India-US trade deal front. According to news agency ANI’s report, which cited sources privy to the matter, a high-level Indian trade delegation is set to travel to the US for negotiations aimed at resolving pending issues and finalising the initial segment of the agreement.