Most Indian stocks retreated as the escalating U.S.-China trade dispute added to investor anxiety over national election results due next week.
The S&P BSE Sensex was little changed at 37,089.26 as of 9:48 a.m. in Mumbai, with two stocks falling for each one that gained. A decline this session would be the benchmark’s 10th straight, its longest ever. The NSE Nifty 50 Index slipped 0.1 percent, on course of its longest run of losses since January 1996.
The seventh and last phase of voting for India’s national ballot takes place on May 19, with vote counting and results scheduled for release on May 23. On the earnings front, 17 of the 27 Nifty companies that have reported so far have either met or exceeded estimates.
Strategist View
“There was a build-up of positions in the run-up to the elections and it’s natural that some investors may wish to book profits as the event is close,” said Joseph Thomas, head of research at Emkay Wealth Management. “Amid this, The U.S-China trade dispute is further adding to the negative environment.”
The Numbers
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Fifteen of the 19 sector indexes compiled by BSE Ltd. declined led by a gauge of consumer durable companies.
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Infosys Ltd. contributed the most to the Sensex decline, decreasing 0.9%. Tata Steel had the largest drop, falling 1.5%.
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Reliance Industries Ltd. provided the biggest boost to the index, advancing 1.1% percent. Sun Pharma had the biggest gain, rising 3.9%.
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Jet Airways slumped 13% after its chief financial officer resigned.
