Market trades flat on weak Asian cues; IT, pharma gain


The Indian equity market traded flat, tracking weak cues from Asia as US-China trade war concerns came back to the fore. The Sensex traded at 35,349.93, down by 4.15 points, or 0.01 percent at 9.16 am, while the Nifty held the 10,600 level, starting at 10,619.05, slipping by 9.55 points, or 0.09 percent. In an interview, US president Donald Trump threatened to impose duties on $267 billion worth of goods, if his meeting with Chinese president Xi Jinping during the G-20 Summit in Buenos Aires fails to yield results. These duties will be in addition to existing tariffs on Chinese imports worth $200 billion. Broader market indices also opened flat, mildly in the green. At 9.25 am, the Nifty MidCap was marginally up by 0.06 percent, while the BSE MidCap was lower by 0.07 percent. The banking index, Nifty Bank, slipped more than 50 points, or 0.20 percent. IT and pharma stocks were leading the index gainers list as the rupee neared the 71 per US dollar mark. Infosys shares surged more than 2 percent, while Tech Mahindra was up 1.74 percent. Shares of Sun Pharmaceutical Industries gained 1.4 percent as the company and its subsidiary have entered into a settlement agreement with certain plaintiffs related to modafinil drug anti-trust case in the US. The company has also announced that it will acquire Japan-based PolaPharma for around $1 million to strengthen its presence in dermatology segment across the globe. Coal India and HCl Technologies were other gainers, surging by up to 1.31 percent. Among index losers, metal shares came under pressure with JSW Steel falling the most by 2.5 percent. Bharti Airtel slipped by 2 percent, while Zee Entertainment shares dipped 1.74 percent. Vedanta and Bajaj Auto declined by 1.71 percent and 1.55 percent, respectively. In currency market, the Indian rupee opened nearly unchanged at 70.89 against the US dollar. The rupee had closed at 70.87 against the greenback.


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