The markets on Friday opened flat with the BSE Sensex trading at 33,608 points and the NSE Nifty at 10,322 points.

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Metal companies like Hindalco, Tata Steel, Vedanta were seen as the top losers in the first hour of the trade while, oil marketing companies (OMCs) - IOC, BPCL and HPCL continued to trade higher and were among the top index gainers.

Trump on Thursday announced that he was unhappy with China's "unfair retaliation" and said that he had instructed the USTR (US Trade Representative) to consider whether $100 billion of additional tariffs would be "appropriate under section 301 and, if so, to identify the products upon which to impose such tariffs.”

Global markets reacted to the news immediately. Japan's Nikkei and Korea's Kospi began to trade sideways after Trump's statement. The indices lost over 50 basis points in their opening.

Singapore's SGX Nifty also reacted the same way. The index was trading at levels of 10,300 versus the Nifty April Future's Thursday close of 10,352. The weak cues indicate a lower opening for the Indian markets.

The Indian markets extended gains throughout the session on Thursday, supported by strong global cues, with the benchmark indices closing at new highs despite the RBI maintaining status quo on the policy rates.

First Published:Apr 6, 2018 9:48 AM IST