Sensex Tanks 360 Points, US-China Tensions Flare Up, and Top Stocks in Action Today

Tue, 7 May Pre-Open

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On Monday, share markets in India opened on a negative note and ended the day deep in red after a volatile day of trading.

At the closing bell, the BSE Sensex stood lower by 363 points (down 0.9%) and the NSE Nifty closed down by 114 points (down 1%). The BSE Mid Cap index ended the day down 0.8%, while the BSE Small Cap index ended the day down 0.9%.

Sectoral indices ended in the red with stocks in the metal sector and consumer durables sector witnessing most of the selling pressure.

The rupee was trading at 69.41 against the US$.

Top Stocks in Action Today

Vodafone Idea share price is likely to be in focus today as the company is in the middle of a Rs 250 billion worth rights issue.

Promoters, UK's Vodafone Group Plc. and Aditya Birla Group, have infused Rs 179 billion into Vodafone Idea via the Rs 250-billion rights issue in funds that the telecom market leader will use to take on rivals Reliance Jio and Bharti Airtel.

The telecom company said both domestic and foreign public shareholders had subscribed to the issue.

The company said that the issue was oversubscribed approximately 1.08 times and the public participation was approximately 1.2 times.

HUL share price is also in focus as the company registered 14% jump in its March quarter (Q4FY19) net profit at Rs 15.4 billion against Rs 13.5 billion in the same quarter last fiscal.

Revenue of the company increased by 9% to Rs 99.5 billion against Rs 91 billion.

US to Impose Additional Tariffs on China

In the news from global financial markets, major stock market indices in China fell the most in more than three years today after US President Donald Trump threatened to raise tariffs on all Chinese imports to 25%.

The blue-chip CSI300 index and the Shanghai Composite Index both tumbled around 6%, posting their steepest single-day drop since February 2016. Hong Kong's Hang Seng index slumped more than 3% on the back of above news.

Trump on Sunday announced that he would hike US tariffs on US$ 200 billion worth of Chinese goods this week and target hundreds of billions more soon. Reports also suggested China was considering canceling this week's trade talks in Washington.

The above tariffs are part of a wider clash looming over trade between the world's two biggest economies.

How this pans out forward remains to be seen. Meanwhile, we will keep you updated on all the developments from this space.

India's Service Sector Slowing Down

India's service sector activity fell to a seven-month low in April. This was seen owing to softer rise in new business and disruptions arising from the elections.

The seasonally adjusted Nikkei India Services Business Activity Index, fell from 52 in March to 51 at the start of the 2019 financial year. This pointed to the weakest upturn in output since last September.

Despite the moderation, the services PMI was in the expansion territory for the 11th straight month. Note that a print above 50 means expansion, while a score below that denotes contraction.

Meanwhile, the seasonally adjusted Nikkei India Composite PMI Output Index, that maps both the manufacturing and services industry, fell from 52.7 in to 51.7 in April.

This was indicative of a slight pace of expansion in aggregate activity that was weaker than seen on average over the series history.

On the prices front, rates of inflation for input costs and output charges remained weak by historical standards.

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