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The market has opened mixed on account of the global trade war fears as the benchmark indices trade in the green while the Nifty Midcap and the Nifty Bank trade in the red. The BSE Sensex opened flat, with a positive bias, at 35,297.37 points and the NSE Nifty, flat with a positive bias, opened at 10,719.30. The banks underperform in the opening trade as the Nifty Bank fell 150 points and Nifty Midcap index declined 40 points.

ICICI Bank rallied nearly 4% in trade after the buzz that Chanda Kochhar is likely to go on an indefinite leave.

Update:

The Indian stock market is likely to pare losses in its opening as Asian cues recover.

Asian equities have turned positive on Friday after a weak opening as trade war worries hit global financial markets, which were already shaken this week by political turmoil in Italy. Japan's Nikkei recovered with a 25-basis point advantage and Korea's Kospi with a 54-basis point advantage.

The SGX Nifty is now trading at levels around 10,700 as against the Nifty May Future's Thursday close of 10,736, indicating a flat-to-positive opening on Dalal Street today.

What was expected earlier?

The market is likely to open weak as trade war fears reignite in the global economy.

Asian equities sagged on Friday as worries about US trade policy hit global financial markets, which were already shaken this week by political turmoil in Italy.

Wall Street shares posted deep losses overnight after the United States said it would impose tariffs on aluminium and steel imports from Canada, Mexico and the European Union.

Fears of a global trade conflict, which had partially receded over the past few weeks, were rekindled as Washington's allies took steps to retaliate against the US measures.

The SGX Nifty is trading at levels around 10,725 as against the Nifty May Future's close of 10,738, indicating a weak opening for the market. The SGX Nifty had reached a high of 10,755 points in its opening.

In the Indian front, the Central Statistics Office (CSO) on Thursday said that Indian economy grew at 7.7% in the fourth quarter ended March 31, 2018, making it the fastest-growing major economy in the world. The positive news is likely to keep market slightly in the green.

A late surge on the expiry day, along with a global recovery, helped the market close firmly in the green on Thursday. The Sensex and the Nifty closed with a gain of over 1% for the May series after being flat for the most part of the series.

First Published:Jun 1, 2018 7:26 AM IST