The stock market started with a decline on Friday, amid mixed resolutions from Asian markets. The Bombay Stock Exchange (BSE) Sensex fell 235 points to open at 37,076.76, while the National Stock Exchange's Nifty fell 74 points to open at 10,955.20. In a short time, the Sensex's fall reached 301 points.
There is no clear indication on the US-China trade war that there is concern over the global economy due to which the trend of Asian markets was mixed. US President Donald Trump has said that he wants the dispute to end soon and there is a trade agreement with China.
But on the other hand, China has warned that if the US imposes more tariffs on Chinese goods, it will respond strictly to it. The US S&P 500 and the Dow Exchange have gained, but the Nasdaq saw a 7-point decline. President of the US central bank Federal Reserve has supported further cuts in interest rates. A meeting will be held in September on interest rates.
On a domestic level, Prime Minister Narendra Modi on Thursday reviewed the condition of the economy and steps taken to improve it with Finance Minister Nirmala Sitharaman and senior bureaucrats. According to sources, the incentive package has been finalized in this, including the new policy framework and tax cuts. They will be announced in about two weeks.
Earlier, the domestic stock market had seen a boom on Wednesday amid a drop in inflation data and global positive signals. On the second trading day of the week, both the Sensex and the Nifty closed strongly. The Sensex gained about 353 points to close at the level of 37,311. At the same time, the Nifty also gained 104 points to the level of 11029. Please tell that due to Independence Day on August 15, the stock market was not traded. Earlier, the market was closed on August 12 on the occasion of Bakrid.
