BSE Sensex turns negative on weak Asian cues

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The benchmark BSE Sensex started off on a positive note only to turn negative in early trade today on weak Asian cues as tariff woes between the US and China returned, ahead of trade talks between the two countries.

The 30 share barometer opened above 80 points but turned negative on profit-booking to lose 86.59 (0.22 percent) lower at 35089.83.

Earlier the gauge had rallied 675.15 points in the previous four sessions.

The broader 50 shares Nifty of the National Stock Exchange (NSE) also turned negative and shed 27.80 points (0.26 percent) to 10690.25 in early trade.

Major laggards were Tata Motors, Wipro, HUL, Bharti Airtel, Dr. Reddy’s, L&T, Yes Bank, Coal India, M&M, HDFC Bank, Power grid, Tata Steel and RIL falling up to 1.43 percent.

Axis Bank, Adani Ports, ICICI Bank, ONGC, and SBI were among top gainers rising up to 2 percent.

Brokers said market participants booked profits tracking a weak trend in other Asian bourses, following overnight losses on the Wall Street after the US Federal Reserve kept its benchmark interest rate unchanged at 1.5 percent to 1.75 percent.

Investors were also keeping an eye on high-level talks between China and the United States on trade in Beijing today, they added.

Meanwhile, on a net basis, Domestic Institutional Investors (DIIs) bought shares worth Rs 165.84 crore while Foreign Portfolio Investors (FPIs) sold shares to the tune of Rs 525.93 crore on Wednesday, a provisional data showed.

In other Asian markets, Hong Kong’s Hang Seng lost 1.75 percent, while Shanghai Composite Index shed 0.51 percent in early trade. Financial markets in Japan are closed for a four-day holiday weekend.

The US Dow Jones Industrial Average ended 0.72 percent down in yesterday’s trade.

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