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Global weekly wrap: Despite US-China trade war, Sensex, Nifty gain 2%; trade deficit drags US market.
The Implied Volatility (IV) of calls was down and closed at 13.22 percent while that for put options closed at 13.71 percent. The Nifty VIX for the week closed at 14.8 percent and is expected to remain sideways, a SMC report said.
The 30-share BSE Sensex was up 30.17 points at 33,626.97 and the 50-share NSE Nifty rose 6.40 points to 10,331.60 while both benchmark indices rallied 2 percent each for the week. The Nifty made a Doji-type pattern on the daily chart
Across the US markets, the Dow Jones industrial average fell 572.46 points to 23,932.76, while the S&P 500 declined 2.2 percent to 2,604.47 dragged by industrials and the Nasdaq composite dropped 2.3 percent to close at 6,915.11, after the US Federal Reserve indicated that it would continue hiking rates this year.
The US-China trade war also rattled European markets as they closed lower. Despite stocks finishing lower on Friday, markets registered a second straight weekly gain, after Trump threatened China with additional tariffs. For the week, the pan-Europe gauge rose 1.1 percent, marking its second weekly rise in a row.
The DAX fell 0.5 percent to 12,241.27 while the CAC 40 index slipped 0.4% to 5,258.24, after its best one-day rise in almost a year. For the week, the index rose 1.8 percent. The pan-European STOXX 600 declined 0.35 percent, erasing part of Thursday’s 2.4 percent gain though posting a weekly rise of 1 percent. It remained on track for a weekly advance of 0.9 percent.
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