Key equity indices declined for third straight session weighed down by weakness in index pivotals. The barometer index, the S&P BSE Sensex, fell 169.45 points or 0.45% to 37,121.22, as per the provisional closing data. The Nifty 50 index fell 42.55 points or 0.38% to 11,236.35, as per the provisional closing data.
Among secondary barometers, the BSE Mid-Cap index fell 0.72%. The BSE Small-Cap index fell 0.98%. Both these indices underperformed the Sensex.
The market breadth, indicating the overall health of the market, was weak. On BSE, 990 shares rose and 1685 shares fell. A total of 170 shares were unchanged.
Index heavyweight and housing finance major HDFC fell 1.18% to Rs 1,834.30. Index heavyweight Reliance Industries (RIL) fell 0.33% to Rs 1213.20. Index heavyweight and cigarette major ITC fell 0.89% to Rs 299.90.
IndusInd Bank (down 3.14%), Maruti Suzuki India (down 2.2%), HDFC Bank (down 1.6%), Yes Bank (down 1.47%), Adani Ports & Special Economic Zone (down 1.13%) and Hindustan Unilever (down 0.97%), were the major Sensex losers.
Coal India (up 2.65%), ONGC (up 2.02%), Tata Steel (up 1.26%), Hero MotoCorp (up 1.01%) and Kotak Mahindra Bank (up 1.01%), were the major Sensex gainers.
Sun Pharmaceutical Industries rose 0.77%. The company announced that Almirall has received the European Commission (EC) approval for Ilumetri (tildrakizumab) for the treatment of adults with moderate-to-severe chronic plaque psoriasis who are candidates for systemic therapy. As indicated by Almirall, roll out of Ilumetri in Europe will start in the next few weeks. In July 2016, Sun Pharma out-licensed tildrakizumab to Almirall, for the development and commercialization of the product for psoriasis in Europe. The announcement was made after market hours yesterday, 18 September 2018.
ICICI Bank rose 0.72%. The bank clarified after market hours yesterday, 18 September 2018, that it has not filed any application for settlement but only a response to the show-cause notice has been submitted to Securities and Exchange Board of India (Sebi). The clarification was issued after Sebi chairman reportedly stated that ICICI Bank filed a consent petition with Sebi.
Overseas, European shares were trading higher with investors appearing to brush off escalating trade tensions between the US and China.
Asian stocks rose across the board on Wednesday as expectations that Beijing would implement stimulus to soften the economic blow from the Sino-US trade war helped Chinese shares rally.
China announced tariffs targeting more than 5,000 US products, worth about $60 billion, will go into effect on 24 September 2018. However, China will put a 10% tariff on some goods it had previously earmarked for a 20% levy. At the same time, China's commerce ministry said that it filed a complaint to the World Trade Organization (WTO) against the US.
Beijing's announcement came after the Trump administration said the US will impose 10% tariffs on $200 billion worth of Chinese imports, and those duties will rise to 25% at the end of the year.
US stocks came off earlier highs but still closed higher on Tuesday as investors shrugged off escalating trade tensions to instead focus on the robust economy.
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