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Shares may recover on bargain hunting
12-Sep-18   07:52 Hrs IST

Market is seen opening higher on bargain hunting after witnessing steep losses in the past few sessions. Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could rise 12.50 points at the opening bell.

Overseas, Asian stocks fell on Wednesday, as investor confidence was chilled by the latest round of verbal threats in an intensifying US-China trade conflict. China will seek permission from the World Trade Organization (WTO) to impose sanctions on the US next week, according to the WTO's meeting agenda. China will seek authorization at a special meeting of the WTO's Dispute Settlement Body on Friday, 21 September 2018.

The request comes at a time of escalating trade tensions between the world's two largest economies, with US President Donald Trump saying last week he was ready to go on tariffs for another $267 billion on Chinese goods if he wants. That would follow planned charges on $200 billion of Chinese goods in several industries, including technology. Beijing has vowed to retaliate if the US takes any new steps on trade.

US stocks shrugged off a wobbly start to close higher Tuesday, with the Dow climbing by triple digits, as energy and telecommunications rallied. However, trade worries were simmering below the surface as investors continued to watch the situation between the US and China.

On the data front, small-business sentiment climbed to a record in August, according to the National Federation of Independent Business. Separately, the number of job openings in the US climbed to a record 6.94 million in July while the US budget deficit in August was $211 billion, nearly double the gap during the year-ago period.

Meanwhile, the US budget deficit in August was $211 billion, nearly double the gap during the year-ago month, the Congressional Budget Office estimated late Monday.

Closer home, foreign portfolio investors (FPIs) sold shares worth a net Rs 1454.36 crore on 11 September 2018, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) bought shares worth a net Rs 749.62 crore on 11 September 2018, as per provisional data.

The domestic market tumbled yesterday, 11 September 2018, extending its sharp fall from the previous session, as concerns over escalating tensions surrounding the US-China trade war continued to haunt investors. The barometer index, the S&P BSE Sensex, fell 509.04 points or 1.34% to 37,413.13. The Nifty 50 index fell 150.60 points or 1.32% to 11,287.50. Domestic sentiment also took a hit as the rupee touched a new record low of 72.7375 in the afternoon trade.

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