The Sensex and Nifty finished lower and ended a two-session gaining streak. The Sensex finished at 82,259.24 down by 375.24 or 0.45 per cent and the Nifty closed at 25,111.45 down by 100.6 or 0.4 per cent. The market witnessed selloffs amid escalating trade tensions between US and its trading partners.
IT Stocks Emerge As Top-Losers
Shares of Tech Mahindra, Infosys and Wipro led the declines amid Nifty 50 stocks as they closed lower by up to 2.72 per cent. IndusInd Bank also emerged as one of the top-losers closing lower by 1.9 per cent. On the other hand shares of Tata Consumer Products and Tata Steel led the gainers as they closed up to 2 per cent higher.
Nifty IT and Nifty Bank Lead Losers
The Nifty IT and the Nifty Bank index emerged as top-losers among the sectoral pack. The Nifty IT index ended 1.39 per cent lower and the Nifty Bank ended 0.59 per cent lower. On the other hand the Nifty Metal and the Nifty Realty bucked the trend to close higher by up to 1.24 per cent. The broader market indices also witnessed declines with the Nifty SmallCap 100 and the Nifty MidCap 100 closing lower by 0.17 per cent and 0.12 per cent respectively.
Global Markets on July 17
The US markets finished higher on July 16 with the DJIA, Nasdaq and the S&P 500 finished higher by up to 0.53 per cent. On July 17 the Nikkei 225, KOSPI and Shanghai Composite closed higher by up to 0.6 per cent. However, Hang Seng ended lower by 0.08 per cent.
Primary Market Action On July 17
Shares of Smartworks Coworking Spaces Ltd made their debut on the BSE and NSE on July 17. The flexible coworking space operator’s shares listed at a premium of 7 per cent over the issue price at Rs 435 apiece on the NSE. The company’s stock listed with a premium of 7.14 per cent at Rs 436.1 apiece on the BSE.
Market Cues
The stock market is expected to take into account the financial results declared by major listed companies. Additionally developments related to trade tariffs are also likely to impact the market. According to a Reuters report US President Donald Trump has said that a trade deal is coming up, possibly with India. Notably a trade deal is likely to act as a tailwind for the Indian equity market.
