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Domestic shares nosedive as selloff intensifies
11-Sep-18   16:24 Hrs IST

The domestic market tumbled, extending its sharp fall from the previous session, as concerns over escalating tensions surrounding the US-China trade war continued to haunt investors. The barometer index, the S&P BSE Sensex, fell 509.04 points or 1.34% to 37,413.13. The Nifty 50 index fell 150.60 points or 1.32% to 11,287.50. Domestic sentiment also took a hit as the rupee touched a new record low of 72.7375 in the afternoon trade.

Overseas, European shares declined while most Asian shares ended lower as the spectre of a Sino-US trade war haunted investors. US stocks closed mostly higher Monday, with the S&P 500 and the Nasdaq each snapping a four-day losing streak on the back of a recovery in technology shares.

The White House reportedly announced that it was in the process of coordinating a second meeting between US President Donald Trump and North Korean leader Kim Jong Un.

Trade also remains another focal point for markets, with Canada and the US yet to secure a deal that would replace the North American Free Trade Agreement. Trump announced last Friday that he was ready to slap tariffs on an additional $267 billion of Chinese imports, on top of the $200 billion already in the administration's sights.

On the data front, consumer borrowing picked up in July, according to the Federal Reserve on Monday. Total consumer credit rose $16.6 billion in July to a seasonally adjusted $3.91 trillion. That's an annual growth rate of 5.1%.

Back home, the Sensex fell 509.04 points or 1.34% to settle at 37,413.13, its lowest closing level since 2 August 2018. The index rose 121.10 points, or 0.32% at the day's high of 38,043.27. The index fell 560.97 points, or 1.48% at the day's low of 37,361.20.

The Nifty 50 index fell 150.60 points or 1.32% to settle at 11,287.50, its lowest closing level since 2 August 2018. The index rose 41.30 points, or 0.36% at the day's high of 11,479.40. The index fell 164.10 points, or 1.43% at the day's low of 11,274.

Among secondary barometers, the BSE Mid-Cap index fell 1.36%. The BSE Small-Cap index was fell 1.37%. Both these indices underperformed the Sensex.

The market breadth, indicating the overall health of the market, was weak. On BSE, 874 shares rose and 1841 shares fell. A total of 152 shares were unchanged.

Among the sectoral indices on BSE, the S&P BSE Consumer Durables index (down 2.47%), the S&P BSE FMCG index (down 2.25%), the S&P BSE Telecom index (down 2.2%), the S&P BSE Realty index (down 1.78%), the S&P BSE Basic Materials index (down 1.67%), the S&P BSE Metal index (down 1.66%), the S&P BSE Healthcare index (down 1.59%), the S&P BSE Auto index (down 1.52%), the S&P BSE Utilities index (down 1.44%), the S&P BSE Bankex (down 1.4%) and the S&P BSE Finance index (down 1.4%), underperformed the Sensex. The S&P BSE Industrials index (down 1.32%), the S&P BSE Power index (down 1.31%), the S&P BSE Consumer Discretionary Goods & Services index (down 1.3%), the S&P BSE Energy index (down 1.18%), the S&P BSE Oil & Gas index (down 1.17%), the S&P BSE Capital Goods index (down 0.83%), the S&P BSE Teck index (down 0.82%) and the S&P BSE IT index (down 0.7%), outperformed the Sensex.

Tata Steel (down 3.46%), Power Grid Corporation of India (down 3.21%), Hero MotoCorp (down 3.06%), Tata Motors (down 3.03%), ITC (down 2.92%), Bharti Airtel (down 2.27%), Reliance Industries (down 1.49%), Hindustan Unilever (down 1.19%), Larsen & Toubro (down 0.72%) and HDFC (down 0.68%), were the major Sensex losers.

Coal India (up 0.95%), NTPC (up 0.36%), Infosys (up 0.31%), Asian Paints (up 0.26%) and Mahindra & Mahindra (up 0.26%), were the major Sensex gainers.

Drug maker Sun Pharmaceutical Industries fell 1.32%. The company said that one of its wholly-owned subsidiaries has agreed to acquire 18.75% stake in Israel-based Tarsius Pharma for $3 million. The company is an early-stage research and development company focusing on development of drug candidates in the field of ophthalmology. The announcement was made after trading hours yesterday, 10 September 2018.

Most banks declined. Among private sector banks, HDFC Bank (down 2.07%), ICICI Bank (down 1.94%), Kotak Mahindra Bank (down 1.53%), IndusInd Bank (down 0.44%) and Axis Bank (down 0.16%), edged lower. Federal Bank (up 0.07%), RBL Bank (up 0.68%) and City Union Bank (up 1.04%), edged higher.

Yes Bank fell 2.18%. The bank announced that it successfully closed a competitively priced $400 million syndicated loan facility, borrowed out of the bank's IFSC Banking Unit (IBU) in Gujarat International Finance Tec City (GIFT) and will be utilized to support the IBU's growing business. The bank has tied up a 3-year loan facility in a syndication led by Bayerische Landesbank, Commerzbank, CTBC Bank, First Abu Dhabi Bank PJSC, Korea Development Bank, State Bank of India, United Overseas Bank and Westpac Banking Corporation, ensuring representation from a diverse set of countries across Europe, Middle East, Asia and Asia-Pacific. The announcement was made before trading hours today, 11 September 2018.

Among public sector banks, Bank of Baroda (down 3.76%), Central Bank of India (down 2.15%), Syndicate Bank (down 1.21%), Bank of India (down 1.2%), Punjab National Bank (down 1.15%), UCO Bank (down 1.02%), State Bank of India (down 0.95%), Union Bank of India (down 0.86%), Canara Bank (down 0.85%), IDBI Bank (down 0.69%), Bank of Maharashtra (down 0.55%), Indian Bank (down 0.39%), Dena Bank (down 0.31%), Corporation Bank (down 0.19%) and Punjab & Sind Bank (down 0.17%), edged lower. Andhra Bank (up 0.32%), United Bank of India (up 0.34%), Vijaya Bank (up 0.49%) and Allahabad Bank (up 1.24%), edged higher.

In the foreign exchange market, the rupee hit record low against the dollar. The partially convertible rupee was hovering at 72.715, compared with its close of 72.45 during the previous trading session.

In the global commodities markets, Brent for November 2018 settlement was up 42 cents at $77.79 a barrel. The contract had risen 54 or 0.70% to settle at $77.37 a barrel during the previous trading session.

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