INSUBCONTINENT EXCLUSIVE:
MUMBAI: The stock market weakened on Wednesday mirroring the turmoil in global markets, which have been dragged down by the increasing
threat of a global trade war led by the US
Mid- and small-cap shares led the selloff on Dalal Street as investors dumped them on worries that the worst for these segments may be far
bluechips like HDFC Bank and TCS, which rose 0.9 per cent and 0.4 per cent, respectively
The Nifty slid 97.75 points, or 0.9 per cent, to close below the 10,700-mark at 10,671.40
The index also ended below the 50-day moving average
the small-cap index declined 2 per cent
money and high valuations
We are seeing continuation of the same trend
Given the weak momentum, we believe there is more room for them to go down,said Nilesh Shah, MD, Kotak Mahindra AMC.
The India VIX, which
Investors dashed for safety in the pharmaceutical and information technology stocks amid the broad-based selloff.
Foreign Portfolio
Investors net bought Indian shares worth 67.44 crore on Wednesday while domestic institutional investors bought shares worth 84.31 crore,
International Investments.
The latest wave of selloff comes amid US President Donald Trump threatening to tax motorcycle manufacturer Harley
Davidson for offshoring manufacturing
The Wisconsin-based company has plans to shift more production of motorcycles overseas to avoid retaliatory tariffs from the European Union
territory as they have declined 20 per cent from the recent peaks.
Indian markets have fared better in the recent times in terms of
performance as it is being seen as a relatively safer bet in times of turbulence
India is not a major trade partner for the US and the impact of a global trade conflict is likely to be limited, said money managers.
Shah
