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Stocks markets volatile after opening in red, Nifty hovers below 11,300

Stocks markets volatile after opening in red, Nifty hovers below 11,300

Mumbai: Equity benchmark indices turned volatile after opening in the red on Monday, tracking a sharp fall in Asian peers amid growing concerns over the brewing trade war between the United States and China.

Except for IT and FMCG, all sectoral indices were in the negative zone at the National Stock Exchange.

At 10:15 am, the BSE S&P Sensex was up 92 points at 37,555 while the Nifty 50 moved 10 points higher to 11,288.

Eicher Motors dropped over 4 percent at Rs 19,503 while Indiabulls Housing Finance, Larsen & Toubro and Zee Entertainment were down over 2 percent. Dr. Reddy traded 1.6 percent lower at Rs 2,829.15.

However, Bharti Infratel gained 2 percent while Tata Consultancy Services, Tech Mahindra, ONGC and State Bank of India were in the green with tiny margins.

Meanwhile, Asian shares fell as investors debated whether the United States and China will be able to salvage a trade deal after Washington sharply hiked tariffs on 200 billion dollars worth of Chinese goods.

Beijing vowed to retaliate with countermeasures to protect its national interests. The world’s two largest economies appeared at a deadlock over trade negotiations on Sunday.

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