Sensex, Nifty Turn Choppy Amid Weak Global Cues; Metal Stocks Decline
Benchmark equity indices opened mildly positive on Wednesday on fresh buying by foreign investors, but soon turned choppy on weak global cues.  At 11:54 am, the S&P BSE Sensex declined 120.26 points or 0.32 per cent to trade at 38,037.66. The broader Nifty50 slipped 45.05 points or 0.39 per cent to trade at 11,475.25. The Indian rupee pared initial gains to drop to a fresh all-time low of 71.79 against the US dollar, falling 21 paise in late morning deals on Wednesday.
Main losers on Sensex pack in the morning session were Tata Motors (-0.63%), Infosys (-0.69%), HeroMotoCorp (-0.74%), Vedanta (-1.05%), Hindustan Unilever (-1.37%) and Coal India (-1.82%). Main laggards on Nifty pack were Hindalco (-1.49%), BPCL (-1.08%), Hindustan Unilever (-0.85%), Titan (-0.84%) and Vedanta (-0.73%).
Stock markets in Asia tracked their global peers lower while the safe-haven dollar hovered near a two-week high on Wednesday as heightened worries over international trade conflicts curbed investor appetite for riskier assets.
According to analysts, fresh buying by foreign portfolio investors (FPIs) supported the market at the outset. However, sustained selling by domestic institutional investors (DIIs) and weak Asian cues on rising concerns over the global trade war weighed on investor sentiment. According to provisional data, FPIs bought shares worth a net of Rs 32.64 crore, while DIIs sold shares worth a net of Rs 21.41 crore on Tuesday.
"The combination of rise in crude oil price and weakening of rupee against US dollar are substantiating fatalness for domestic markets. The current price earning (PE) is coating at 28 which seems to be quite expensive and also the pressure of macroeconomic factors may bring some correction in the markets. The strengthening of dollar is optimistic for the exporting companies which can increase their profit margin", said Ritesh Ashar, Chief Strategy Officer, KIFS Trade Capital.
In global commodities markets, oil prices partly reversed a strong jump from the previous day, as the impact of a tropical storm on US Gulf coast production was not as strong as initially expected.
On the other hand, major gainers in the 30-share Sensex pack in the session were  Sun Pharma (+1.28%), Wipro (+1.08%), Mahindra & Mahindra (+0.73%), ITC (+0.52%), Power Grid (+0.49%) and Asian Paints (+0.37). GAIL (+0.72%), Wipro (+0.67%), ITC (+0.39%), Tech Mahindra (+0.37%) and Asian Paints (+0.33%) led the pack of Nifty gainers.
Meanwhile, stock markets settled on a negative note on Tuesday. BSE benchmark index Sensex fell 154 points to close at 38,157 on Tuesday, while the NSE Nifty declined 62 points to end at 11,520. (With agencies inputs)
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