Back Office Login

you are here: Equity | News | Quick Peek| Detailed News
Quick PeekBack
Indices slide amid US-China trade tensions
08-May-19   15:44 Hrs IST

Domestic stocks logged sharp losses on selling pressure in index pivotals. The barometer index, the S&P BSE Sensex, lost 487.50 points or 1.27% at 37,789.13. The Nifty 50 index lost 138.45 points or 1.2% at 11,359.45. Sentiment was weak amid worries of an unsuccessful US-China trade negotiation.

The Sensex settled below the psychological 38,000 level after moving above and below that level in intraday trade. Key indices edged lower in early trade on negative Asian stocks. Indices extended fall in morning trade. Stocks gyrated in negative zone in mid-morning trade. Indices extended losses in afternoon trade. Stocks cut losses in mid-afternoon trade. Heavy selling dragged the key indices to day's low in late trade.

The S&P BSE Mid-Cap index fell 0.96%. The S&P BSE Small-Cap index fell 1.21%.

The market breadth, indicating the overall health of the market, was weak. On the BSE, 678 shares rose and 1809 shares fell. A total of 149 shares were unchanged.

Reliance Industries (down 3.35%), Bajaj Finance (down 3.22%), Tata Motors (down 2.8%), Bajaj Auto (down 2.55%) and State Bank of India (down 2.53%), were the major Sensex losers.

Vedanta fell 2.51% after consolidated net profit fell 46% to Rs 2,615 crore on 15% decline in net sales to Rs 23,092 crore in Q4 March 2019 over Q4 March 2018. The result was announced after market hours yesterday, 7 May 2019.

Revenue in Q4 March 2019 was lower by 1% sequentially, primarily due to lower commodity prices, rupee appreciation and lower volume at Aluminium and Zinc India business, partially offset by higher sales volume at ESL, Zinc International and Iron ore Karnataka.

EBITDA in Q4 March 2019 was at Rs 6,330 crore, 6% higher quarter-on-quarter (q-o-q), primarily due to improved cost of production at Aluminium, higher sales at Iron Ore Karnataka, ESL and Zinc International, partially offset by lower commodity prices, rupee appreciation, lower volumes at Zinc India and write back of liability pursuant to settlement agreement with a contractor at Balco in Q3 December 2018.

Overseas, European and Asian equities tracked Wall Street's slide on Wednesday as the latest developments in the US-China trade conflict fanned fresh fears about global growth.

US stocks dropped sharply Tuesday, building on the previous day's decline after US officials confirmed that tariffs on imported goods from China could be raised by the end of the week.

US Trade Representative Robert Lighthizer reportedly said Monday that the Trump administration will increase tariffs on $200 billion in Chinese goods early Friday from 10% to 25%. Chinese Vice Premier Liu He will travel to Washington for a two-day meet beginning Thursday in a last ditch attempt to avoid a sharp increase in tariff on $200 billion worth of Chinese goods.

Powered by Capital Market - Live News