After opening their day on a flat note, Indian share markets witnessed choppy trades and ended their session marginally higher. Gains were largely seen in the realty sector and power sector, while losses were largely seen in the IT sector and auto sector.
At the closing bell, the BSE Sensex stood higher by 90 points (up 0.3%) and the NSE Nifty closed higher by 20 points (up 0.2%). Both, the BSE Mid Cap index and the BSE Small Cap index, ended the day up by 0.3%.
Asian stock markets finished on a mixed note as of the most recent closing prices. The Hang Seng was down 0.8% and the Nikkei was trading up by 0.1%. The Shanghai Composite stood down by 1.4%.
The rupee was trading at 65.7 to the US$ at the time of writing.
In the news from global financial markets, China’s economy grew 6.8% in the first quarter of 2018. This was against a consensus estimate of 6.7% YoY growth for the quarter. The growth also marked the third-straight quarter of 6.8% growth for the world’s second-largest economy.
In the news from the chemicals sector, as per an article in the Economic Times, India has initiated probe into alleged dumping of a chemical used in paint and leather industry from Brazil, Indonesia and Thailand following a complaint from a domestic player.
It remains to be seen how the above investigation pans out. Meanwhile, we will keep you updated on all the developments from this space.The commerce ministry’s investigation arm Directorate General of Antidumping and Allied Duties (DGAD) has stated that it has found sufficient evidence of dumping of ‘non-plasticised industrial grade nitrocellulose excluding nitrocellulose damped in Ethanol and waterwet’ from these three countries.
In the news from sectoral indices, losses were seen in the IT Index today with Wipro share price, Tata Consultancy Services (TCS) share price, and Infosys share price witnessing the maximum selling pressure.