Markets are trading in range on Monday amid weak global cues. The Nifty Metal index, however, lost nearly 2 per cent in intra-day trade amid rising global trade war fears.
US President Donald Trump on Friday said he was pushing ahead with hefty tariffs on $50 billion of Chinese imports, and the smouldering trade war between the world's two largest economies showed signs of igniting as Beijing immediately vowed to respond in kind.
Back home, foreign investors have pulled out more than Rs 55 bn from capital markets this month so far due to global trade war worries coupled with hawkish commentary by the US Federal Reserve. This comes following a net outflow of over Rs 450 bn from capital markets (equity and debt) in the last two months. Prior to that, foreign portfolio investors (FPIs) had pumped in Rs 26 bn in March.
GLOBAL MARKETS
Asian shares retreated on Monday after US President Donald Trump cranked up trade tensions with China by going ahead with tariffs on Chinese imports, prompting Beijing to immediately respond in kind.
MSCI’s broadest index of Asia-Pacific shares outside Japan dropped 0.2 per cent in early trade, near its lowest level since May 31. Financial markets in China and Hong Kong will be closed on Monday for Dragon Boat festival holiday. Japan's Nikkei slid 0.7 per cent as fears of growing protectionism overshadowed stronger-than-expected export data.
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