Sensex, Nifty Fall To Five-Month Low Amid Trade War Worries
Indian equity benchmarks fell sharply mirroring losses in global equity markets after concerns grew that global growth could get hit amid escalation of ongoing trade war between U.S. and China.
The S&P BSE Sensex fell 1.24 percent or 410 points to 32,596 and the NSE Nifty 50 index slumped 1.15 percent or 117 points to 9,998.
On a weekly basis, Sensex fell 1.75 percent and the Nifty slumped 1.93 percent, posting their longest stretch of weekly losses in 16 months.
Seventeen out of 19 sector gauges compiled by BSE ended lower led by the S&P BSE Metal index's 2.9 percent drop. On the flipside, the S&P BSE Teck index was the top sectoral gainer, up 0.3 percent.
Losses were broad-based as the S&P BSE MidCap index fell 1.36 percent and the S&P BSE SmallCap index tumbled 1.5 percent.
Block Deal Alert
- Axis Bank has 1.22 crore shares change hands in a block. Stock down 2.95 percent at Rs 503.
Buyers and sellers were not immediately known
Fortis Healthcare Slumps 11% On Report Suitors Seeking To Ring Fence Legal Risks
Shares of the Delhi-based hospital chain operator fell as much as 10.6 percent, the most in over a month, to Rs 138.20 after CNBC TV18 reported that potential acquirers TPG and Manipal Hospitals are seeking to change the deal structure to protect against legal liabilities.
Earlier in the day, the Delhi High Court had earlier ordered a valuation of the assets of Fortis’ former controlling shareholders, Malvinder and Shivinder Singh.
Union Bank of India To BloombergQuint
- Have Rs 4,500 crore of standard assets under SDR and S4A as of 31 Dec 2017.
- Rs 2,000-2,500 crore of SDR and S4A assets are from thermal power.
- Q4 NPA pain could be slightly more than that in Q3.
- Rs 4,000-5,000 crore worth cases under NCLT will get resolved by June quarter.
- Expecting some forbearance from RBI in thermal power units.
- If GSec yields end Q4 below 7.60%, then MTM treasury loss will be lower in Q4 than in Q3.
European Shares Decline As Weak Global Cues Weigh
European equities slid to their lowest in more than a year, as the negative news cycle for risk assets continued.