The Sensex extended intraday losses and hit fresh intraday low, while the Nifty was hovering near the day's low in afternoon trade. At 13:17 IST, the barometer index, the S&P BSE Sensex was down 220.18 points or 0.66% at 33,097.02. The Nifty 50 index fell 74.95 points or 0.73% at 10,174.30. Most FMCG shares bucked weak market trend.
After a weak start, key benchmark indices extended slide, tracking weakness in Asian stocks, amid concerns of a potential global trade war in the aftermath of US President Donald Trump's last weekend's announcement of tariffs on steel and aluminum. Adding to global jitters, reports suggested that the Serious Fraud Investigation Office (SFIO) summoned top executives of ICICI Bank and Axis Bank in the Rs 12700-crore Punjab National Bank (PNB) fraud case as investigative agencies expanded their probe into the alleged bank fraud by companies linked to Nirav Modi and his uncle Mehul Choksi.
The Sensex fell 234.13 points, or 0.70%, at the day's low of 33,083.07 in afternoon trade, its lowest level since 18 December 2017. The index rose 14.01 points, or 0.04%, at the day's high of 33,331.21 in morning trade. The Nifty lost 85.85 points, or 0.84%, at the day's low of 10,163.40 in early afternoon trade, its lowest level since 18 December 2017. The index fell 5.9 points, or 0.06%, at the day's high of 10,243.35 in morning trade.
Among secondary indices, the S&P BSE Mid-Cap index fell 1.18%. The S&P BSE Small-Cap index declined 1.78%. Both these indices underperformed the Sensex.
The breadth, indicating the overall health of the market, was quite weak. On the BSE, 2,153 shares declined and 445 shares advanced. A total of 115 shares were unchanged.
Overseas, Asian stocks declined as global trade war concerns intensified in the aftermath of US President Donald Trump's last weekend's announcement of tariffs on steel and aluminum. In economic news, Japan's leading index, which measures the future economic activity, dropped to 104.8 in January from 106.6 in December, which was revised down from 107.4, preliminary figures showed today, 7 March 2018.
US stocks closed higher yesterday, 6 March 2018 but Wall Street remained on edge over an ongoing debate over tariffs proposed by President Donald Trump.
In the domestic market, most FMCG shares rose. Britannia Industries (up 1.74%), Godrej Consumer Products (up 1.21%), Dabur India (up 0.65%), GlaxoSmithKline Consumer Healthcare (up 0.64%), Nestle India (up 0.63%), Colgate Palmolive (India) (up 0.60%), Hindustan Unilever (up 0.29%) and Marico (up 0.19%), edged higher. Tata Global Beverages (down 0.81%), Procter & Gamble Hygiene & Health Care (down 0.95%), Bajaj Corp (down 1.26%) and Jyothy Laboratories (down 1.27%), edged lower.
Most pharmaceuticals shares declined. Piramal Enterprises (down 2.99%), Cadila Healthcare (down 2.63%), GlaxoSmithKline Pharmaceuticals (down 2.05%), Alkem Laboratories (down 1.92%), Divi's Laboratories (down 1.88%), Lupin (down 1.7%), Strides Shasun (down 1.7%), Wockhardt (down 1.65%), Sun Pharmaceutical Industries (down 1.31%) and Aurobindo Pharma (down 0.86%), edged lower. Dr Reddy's Laboratories (up 0.09%), Glenmark Pharmaceuticals (up 0.27%), Cipla (up 0.56%) and IPCA Laboratories (up 2.53%), edged higher.
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