Markets end in red as US-China trade talks fade

Markets end in red as US-China trade talks fade

Sensex drops 167 pts; Nifty sheds 59 pts to end at 11,512

Mumbai: Equity benchmarks closed with losses after a volatile session on Friday, largely in tandem with other Asian markets, as optimism over the US-China trade talks was offset by rising political uncertainty in Washington.

After swinging 325 points intra-day, the BSE Sensex ended 167.17 points, or 0.43 per cent, lower at 38,822.57. Similarly, the broader NSE Nifty shed 58.80 points, or 0.51 per cent, to end at 11,512.40.

However, the indices posted strong numbers for the week. The Sensex advanced 807.95 points or 2.12 per cent, while the Nifty gained 238.20 points or 2.11 per cent during the week.

According to traders, optimism over the upcoming US-China trade talks faded as market volatility increased on concerns over US President Donald Trump's impeachment inquiry, keeping global investors on the edge.

"The Sensex gained 2 per cent in the week as the market sentiment remained positive after the previous week's government announcement of reducing corporate tax rates.

Global markets remained lacklustre though. Going ahead the focus would shift to trade talks related development between US and China and earnings announcements," said Sanjeev Zarbade, VP PCG Research, Kotak Securities.

Sectorally, BSE metal, realty, healthcare, auto, basic materials, industrials, oil and gas, capital goods and utilities indices ended up to 2.77 per cent lower.

Telecom and energy spurted up to 1.53 per cent. The broader BSE midcap and smallcap indices mirrored the benchmarks, dropping up to 0.81 per cent.

On the currency front, the rupee appreciated 20 paise to 70.67 against the US dollar (intra-day). Brent crude futures slipped 0.33 per cent to $62.55 per barrel.

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