After opening the day marginally higher, stock markets in India witnessed buying interest and went on to scale their record-high levels. Sectoral indices are trading on a positive note with stocks in the energy sector and consumer durables sector witnessing maximum buying interest.
The BSE Sensex is trading up 202 points (up 0.5%). The NSE Nifty hit a new record high of 11,446 and is presently trading up 52 points (up 0.5%). The BSE Mid Cap index is trading up by 0.2%, while the BSE Small Cap index is trading up by 0.6%.
The rupee is trading at 68.64 to the US$.
Speaking of rising markets, In June 2016, when Sensex was trading at around 27,000 mark, Tanushree shared with her subscribers a report on why Sensex could go up to 40,000… And the four safe stocks that one could count on to create permanent wealth.
Sensex is close to that mark now. But the way Tanushree sees things now, the Sensex is on its way to hit 100,000 mark by the next decade.
That said, she believes it’s not going to be a continuous joy ride. In fact, a majority of these gains will be led by stocks outside of the Sensex.
The US Trade Representative said that the move is a part of the US’ response to China’s unfair trade practices related to the forced transfer of American technology and intellectual property. Moving on to the news from global financial markets, the Trump administration today announced that it would impose 25% tariffs on imports of 279 items from China amounting to US$ 16 billion.
This is the second tranche of such tariffs and is set to come into effect on August 23.
US had already imposed tariffs on US$ 34 billion worth of goods on July 6 but held off on a final US$ 16 billion in goods as a result of concerns from US companies.
How this trade war pans out remains to be seen. Meanwhile, we will keep you updated from all the developments from this space.
