Sensex rises almost 100 points ahead of RBI monetary policy meet today

The Nifty50 index closed 116.60 points or 1.14 per cent lower at 10,128.40 after falling as much as 130 points to an intraday low of 10,111.30 at day's low.

Asian stock markets are trading mixed after China's commerce ministry said it was preparing to adopt countermeasures of "the same intensity and same scale" as the U.S. The index began trading in the green in the early part of Wednesday's session but after China announced a tit-for-tat measure against the United States, the sensex lost almost 400 points in a little over an hour and closed near the day's low of 32,973.

Rising for the third straight session, the 30-share index gathered another 98.15 points, or 0.29 per cent, to 33,468.78.

The domestic equity markets reacted sharply to intensifying trade war fears after China announced additional tariffs on U.S. goods as countermeasures to the USA administration's proposed tariffs covering Chinese exports worth $50 billion with a suggested tariff rate of 25 percent. The SGX Nifty is pointing that Nifty may open around 10,278.

In the broader market, the BSE Midcap and the BSE Smallcap indices gained 0.4 per cent and 0.5 per cent, respectively.

Additionally, traders and investors awaited the outcome of the RBI's (Reserve Bank of India's) first monetary policy meeting of the financial year, which is to be announced tomorrow. The Bank Nifty index fell 1.5 per cent, with shares of Axis Bank, Kotak Mahindra Bank and Yes Bank declining over 2 per cent each.

MSCI's all-country world index of stock performance in 47 countries shed 0.45 per cent, cutting about half earlier losses.

Indian stocks tumbled this afternoon, after having managed to stay above the unchanged line till a few minutes past noon. They, however, warned that in case of an escalating tariff war, emerging markets, including India, are likely to witness selling by foreign funds. Tokyo opened strongly but stocks sank throughout the trading day, finishing only 0.13 percent up at 21,319.55. The S&P 500 lost 8.86 points, or 0.34 per cent, to 2,605.59 and the Nasdaq Composite dropped 6.37 points, or 0.09 percent, to 6,934.92. The Dow Jones industrial average rose 1.6 percent to 24,033.36.


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