Key benchmark indices hit fresh intraday lows in mid-afternoon trade, tracking weak opening on the European bourses. At 14:17 IST, the barometer index, the S&P BSE Sensex was down 209.51 points or 0.63% at 33,107.69. The Nifty 50 index fell 75.20 points or 0.73% at 10,174.05.
After a weak start, key benchmark indices extended slide, tracking weakness in global 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 260.56 points, or 0.78%, at the day's low of 33,056.64 in mid-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 88.80 points, or 0.87%, at the day's low of 10,160.45 in mid-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 1.14%. The S&P BSE Small-Cap index declined 1.84%. Both these indices underperformed the Sensex.
Overseas, European and 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.
Closer home, the breadth, indicating the overall health of the market, was quite weak. On the BSE, 2,187 shares declined and 467 shares advanced. A total of 116 shares were unchanged.
Metal and mining stocks declined on worries over import tariffs announced on steel and aluminum in US last weekend. Hindustan Copper (down 4.52%), Steel Authority of India (down 2.18%), Vedanta (down 1.73%), Tata Steel (down 1.38%), Hindustan Zinc (down 1.5%), Hindalco Industries (down 1.24%), JSW Steel (down 0.97%), Nalco (down 0.24%) and Jindal Steel and Power (down 0.06%) edged lower. NMDC (up 0.12%) edged higher.
Capital goods stocks slumped. BEML (down 3.35%), Siemens (down 2.22%), Bharat Electronics (down 2.17%), Bhel (down 1.81%), ABB India (down 1.77%), Thermax (down 1.19%) and L&T (down 1.26%) declined.
Sadbhav Infrastructure Project rose 1.29% at Rs 133.70 after the company was declared as lowest bidder by the National Highways Authority of India for a new hybrid annuity project in Karnataka. The bid price for the project is Rs 933.82 crore and project construction period is 730 days from appointed date.
Powered by Capital Market - Live News
Disclaimer: No Business Standard Journalist was involved in creation of this content
