Equity Tips: Nifty Opens Below 10,800, Sensex Dips 100 pts; Asia Weak On Trade War Woes News By FineTech Research
Asian markets are under pressure after Trump threatened new tariffs.
Shares of Borosil Glass Works rallied 20 percent in morning as the board approved the issue of bonus shares.
The company board at its meeting held on June 18 has approved the issue of bonus shares in the ratio of 3:1 subject to approval of shareholders' and other authorities.
The board approved the withdrawal of scheme of amalgamation of Hopewell Tableware, Fennel Investment and Finance and Vyline Glass Works with Borosil Glass Works presently pending for approval from the National Company Law Tribunal (NCLT).
However, it approved the composite scheme of amalgamation and arrangement for amalgamation of Vyline Glass Works, Fennel Investment and Finance Private and Gujarat Borosil with company.
Market Opening: Benchmark indices started off the day on a negative note Tuesday following weakness in the Asian peers on escalated trade war tensions.
The Sensex fell 90.36 points to 35,457.90 and the Nifty declined 30.80 points to 10,769.10.
State Bank of India, HPCL, BPCL, ICICI Bank, UPL, Reliance Industries and Tata Steel are under pressure.
Dr Reddy's Labs, Bharti Airtel, ONGC and HDFC Bank are gainers.
The Nifty Midcap index fell 85 points and Nifty Bank slipped 56 points.
UCO Bank, Dena Bank and Bank of Maharashtra gained 1-3 percent.
Strides Shasun, Liberty Shoes, Nestle India, Gati, Hexaware Technologies, Glenmark Pharma, Tejas Networks and Mphasis gained 1-4 percent.
Balrampur Chini, PC Jeweller, CG Power, Jaiprakash Associates and GMR Infrastructure fell 1-2 percent.
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Market Outlook: LKP Securities said markets would make negative start on feeble global cues.
Indian equity markets ended Monday’s trade slightly in red, as India’s trade deficit widened to $14.62 billion in May as against $13.84 billion in May 2017, the highest in nearly four months mainly because of rising oil imports. Today, the start is likely to remain cautious, tracking weak global cues as fears of a global trade war resurfaced.
There will be some cautiousness with Commerce and Industry Minister Suresh Prabhu’s statement that global trade is facing headwinds and these challenges are needed to be tackled properly to boost world economy. He also said that the US decision to impose high import duties on certain steel and aluminium products have led to a trade war kind of situation, with other countries too raising their tariff walls. Traders will also be concern about a private report that the Indian rupee would continue to witness pressure in the coming days, but it should get respite in the medium term as trade protectionism ends up hurting the US economy, a net importer of goods. Market participants however will be getting some encouragement with the Finance Ministry’s statement that it would be increasingly difficult for businesses to remain outside the tax net as Goods and Services Tax (GST) is leading to formalisation of the economy.
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