Stocks nervous on global trade, terror attack

Shares prices retreated for the seventh straight session — with Friday’s session being volatile, plunging Sensex to the day’s low of 35,510.97, before recovering to close the day at 35,808.95.

Published: 16th February 2019 09:31 AM  |   Last Updated: 16th February 2019 09:31 AM   |  A+A-

Sensex, Nifty, Stocks

Representational photo (File photo: Reuters)

By Express News Service

CHENNAI: Shares prices retreated for the seventh straight session — with Friday’s session being volatile, plunging Sensex to the day’s low of 35,510.97, before recovering to close the day at 35,808.95. NSE Nifty ended the day 21.65 or 0.20 per cent, lower at 10,724.40.

Markets were nervous on opening over the Kashmir terror attack on Thursday and the possibility of Indian retaliation. This added to fears from other quarters like the US-China trade relations, or Brexit that had cast a shadow over global economic growth.

“Going forward, with the result season almost through, (domestic) markets will take cues from global markets. Besides, the crude price movements, rupee movements and inflow/outflow of funds by the foreign and domestic institutional investors will dictate the trend of the stock markets,” said Saurabh Jain, SMC Global Securities, in weekly outlook.

As far as the Nifty 50 firms were concerned, 35 of them had beaten or matched the analysts’ estimates as far as the October-December earnings were concerned, Bloomberg said. With a majority of news flows from the domestic front — the budget, RBI interest rate stance, earnings — are done with for now, the markets look at global events, as well as political and other events at home.

While a majority of the sectoral indices ended in the red — metals, pharma were some of the badly hit segments —oil and gas, and energy stocks fared better. Stark among the losers on Friday was the biggest intraday crash of Dr Reddy’s. The stock crashed by around 30 per cent to `1,872 on NSE, roiled by a research note from Jefferies on the US drug regulator’s concern about the firm’s Bachupally plant in Hyderabad. After the company’s explanation surrounding the issues, the stock recovered to close 4 per cent lower at `2,556.

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