Sensex, Nifty Give Up Early Gains
(RTTNews) - Indian shares ended slightly lower on Monday, failing to hold early gains due to uncertainty surrounding U.S. tariffs and signs of deepening deflationary pressures in China.
While the latest U.S. jobs data and comments from Federal Reserve Chair Jerome Powell helped alleviate some concerns about a U.S. slowdown, U.S. President Donald Trump's refusal to rule out a recession this year and retaliatory tariffs announced by China on certain Canadian agricultural products prompted traders to book profits following last week's recovery.
In a Fox News interview that aired Sunday, Trump declined to rule out a recession this year, saying "There is a period of transition" that will eventually pay off for the economy.
The benchmark 30-share BSE Sensex fluctuated before ending the session down 217.41 points, or 0.29 percent, at 74,115.17.
The broader NSE Nifty index closed at 22,460.30, down 92.20 points, or 0.41 percent, from its previous close.
The BSE mid-cap and small-cap indexes slumped 1.5 percent and 2.1 percent, respectively after seeing a remarkable recovery over the past four sessions.
The market breadth was negative on the BSE, with 2,880 shares declining while 1,203 shares advanced and 146 shares ended unchanged.
Eicher Motors, Bajaj Auto, IndusInd Bank, Trent and ONGC fell 3-4 percent in the Nifty pack, while Power Grid Corp rose over 3 percent and Hindustan Unilever added 1.9 percent.
GRM Overseas rallied 3.6 percent after it roped in Bollywood superstar Salman Khan as the brand ambassador for bringing 10X Classic Chakki Fresh Atta closer to consumers.
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