Despite US Markets Rebound, Growing India-China Border Tensions Could Impact Nifty

  • Stock Market News
Despite US Markets Rebound, Growing India-China Border Tensions Could Impact Nifty
Credit: © Reuters.

By Puneet Sikka -- Although Nifty edged lower by 0.35% in yesterday's trade, it closed near its yesterday's highs. Nifty formed a small bullish candle on the daily chart helped by the gains in Reliance Industries Ltd (NS: RELI ) stock. Reliance jumped by 2.68% yesterday on the news that US private equity firm Silver Lake will invest $1.02 billion (Rs. 7,400 crores) in Reliance Retail valuing its Retail business at Rs. 4.21 lakh crore.

Overnight, the US markets made smart gains with Nasdaq 100 offsetting some earlier losses and jumping by 2.96%. Dow Jones Industrial Average also gained by 1.6% as investors shrugged off negative news about AstraZeneca Pharma India Ltd. (NS: ASTR ) after it paused trials of its experimental COVID-19 vaccine.

However, despite the strong closing of the US markets, SGX Nifty Futures are pointing towards a loss of 0.18%. Markets are wary of the growing India-China border tensions. The government sources mentioned that the Chinese troops carried spears, rods, and clubs to close in on the Indian position on Monday evening in Ladakh. Chinese troops also did 10-15 rounds of firing on the border to intimidate the Indian soldiers.

The tensions have grown after June 15th when 20 Indian Army personnel were killed after the Chinese troops attacked the Indian soldiers in the Galwan valley.

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  • Deepak Jadhav @Deepak Jadhav
    Mostly flopshow
    Like 1
  • Rakesh Prasad @Rakesh Prasad
    This type of news they publish just before the market open to demoralise the investors.
    Like 4
  • Nimesh Soni @Nimesh Soni
    stop spreading rumours , and this is a repeat news , senseless.
    Like 10

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