The Indian markets in the pre-opening session were showing strength despite the weakness in Asian peers. The benchmark indices Sensex and Nifty were up by 34.59 and 34 points at 35679.99 and 10803.90 respectively.
When the markets finally opened, they were flat with Sensex down by 4.94 points and Nifty by 1.10 points.
The Asian markets have opened today on a weaker note maintaining their cautious note. Singapore, which often gives the clue for the Indian market’s opening, suggested a negative start as the Nifty futures there were trading lower by 0.19 percent or 20 points at 10,753.
Today was the 41st AGM (Annual General Meeting) of Reliance Industries. It started at 11 AM at Birla Matushri Sabhagar, Mumbai. As Reliance Group’s chairman Mukesh D Ambani started delivering his speech based on various business verticals, Reliance shares started gaining on both the indices.
The world markets are cautious and waiting to see how the trade war proceeds between the US and China. The Chinese finance ministry, however, clarified that their country will not fire first shot for sure.
It released a statement saying, “China will absolutely not fire the first shot in a trade war with the United States and will not be the first to levy tariffs”. This clarification was probably in response to the speculations that China had plans of imposing a tariff of $34 billion on US goods from 6th July.
The MD and CEO of CMIE Vyas, Mahesh Vyas explained the functioning of the economy currently. He said that the latest data that CMIE has on investments shows a sharp decline in the new projects. The project completions are also at their lowest since the last three years. As there is no momentum happening on the economic front, the Indian benchmark indices just continued to consolidate but slightly with a negative bias. Today by afternoon for every three shares rising on the BSE, four were showing a decline.