Indian stocks swing on global economic worries

Published: July 03, 2019 16:06:40 | Updated: July 05, 2019 11:56:45

File Photo (Collected)

Indian stocks remained volatile in morning trade on Wednesday, with global economic data hurting sentiments, while investors kept waiting for positive cues from the federal budget due later this week.

The broader NSE index was down 0.04 per cent at 11905.3, while the BSE Index was down 0.01 at 39811.65 as of 0441 GMT, as they moved between gains and losses, reports Reuters.

Asian shares inched lower on Wednesday, with the MSCI’s broadest index of Asia-Pacific shares outside Japan inching 0.3 per cent down.

Back home, the Nifty PSU bank index fell as much as 0.46 per cent, with State Bank of India dropping as much as 0.4 per cent and Bank of Baroda edging 0.79 per cent lower.

Indiabulls Housing Finance Ltd and Zee Entertainment Enterprises Ltd were the top two gainers on the NSE index.

Indiabulls Housing Finanace was up as much as 2.7 per cent - on track for its third straight session of gains, while Zee Entertainment Enterprises rose as much as 1.8 per cent.

Oil prices edged higher on Wednesday after falling more than 4.0 per cent overnight, supported by extended output cuts by OPEC and its allies despite concerns that a slowing global economy could crimp demand.

The overnight drop boosted shares of Oil marketing companies such as Bharat Petroleum Corporation Ltd, which was up as much as 1.8 per cent, and Indian Oil Corp, which gained as much as 1.6 per cent.

However, the Nifty IT index was trading 0.26 per cent lower with Tata Consultancy Services Ltd falling as much as 0.7 per cent, while smaller rival HCL Technologies Ltd fell as much as 0.58 per cent.

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