After opening the day on a positive note, stock markets in India have continued their momentum and are presently trading marginally higher. Sectoral indices are trading on a positive note with stocks in the healthcare sector and auto sector witnessing maximum buying interest.
The BSE Sensex is trading up 123 points (up 0.4%) and the NSE Nifty is trading up 42 points (up 0.4%). The BSE Mid Cap index is trading up by 0.6%, while the BSE Small Cap index is trading up by 1.6%. The rupee is trading at 65.03 to the US$.
In the news from the engineering sector, Dilip Buildcon share price is witnessing buying interest today. At the time of writing, the scrip of the company was trading at Rs 1,086, up 8%.
From the banking sector, market participants are tracking Axis Bank share price today. The stock of the bank is witnessing selling pressure today after the Reserve Bank of India (RBI) asked the lender’s board to reconsider the fourth three-year term it handed to CEO Shikha Sharma last year.
As per the news, the central bank has addressed a letter to Axis Bank chairman Sanjiv Mishra, listing out the reasons for a review. The reasons include the bank’s performance and its deteriorating asset quality, among others.
In the news from global financial markets, China has implemented retaliatory tariffs up to 25% on US$ 3 billion in food imports from the US.
China’s ministry of commerce said it would be suspending tariff concessions on 120 US food products. as per the news, fresh and dried fruits, almonds, pistachios and wine would be subject to an additional 15% tariff. Eight other items, including frozen pork, would be subject to a 25% tariff.
The above development has raised fears of a potential trade war between the world’s two largest economies.
In the news from the IPO space, Sandhar Technologies Ltd made a tepid debut on bourses today. The scrip of the company, which recently concluded its IPO subscription offer, got listed at Rs 346, a 4% premium to its issue price of Rs 332.How exactly this trade war will unfold is something to watch out for. We’ll keep you updated on all the developments from this space.