Key benchmark indices extended intraday losses in mid-morning trade on weak Asian stocks. At 11:17 IST, the barometer index, the S&P BSE Sensex was down 143.68 points or 0.43% at 33,173.52. The Nifty 50 index fell 56.25 points or 0.55% at 10,193.
After a weak start, key benchmark indices extended slide, tracking weakness in Asian 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.
The S&P BSE Mid-Cap index fell 0.97%. The S&P BSE Small-Cap index declined 1.33%. Both these indices underperformed the Sensex.
The breadth, indicating the overall health of the market, was quite weak. On the BSE, 1,818 shares declined and 547 shares advanced. A total of 105 shares were unchanged.
Market sentiment remained weak 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. 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.
Auto stocks were mixed. Ashok Leyland (up 1.65%), Bajaj Auto (up 0.38%) and Eicher Motors (up 0.03%) edged higher. Mahindra & Mahindra (down 1.76%), Hero MotoCorp (down 1.14%) and TVS Motor Company (down 0.71%) edged lower.
Tata Motors advanced 2.05%. The company's luxury car unit Jaguar Land Rover (JLR) reported a 2.6% decline in total sales at 39,911 units in February 2018 over February 2017.
The announcement was made during market hours today, 7 March 2018.
With regard to news item titled "SEBI issues directions to Tata Motors as part of WhatsApp results leak probe. Also, directs TAMO to strengthen processes to avoid leakage of UPSI", the company issued a clarification during market hours today, 7 March 2018. The company said it is fully committed to ensuring confidentiality of such price sensitive information. This incident pertains to the financial results for the quarter ending December 2015. While the company has robust policies and processes to manage such price sensitive information, it investigates this incident thoroughly to identify and address process gaps and fix accountability, Tata Motors said in a statement.
Maruti Suzuki India rose 0.38% after the company's production rose 18.49% to 1.62 lakh units in February 2018 over February 2017. The announcement was made during market hours today, 7 March 2018.
Key telecom stocks dropped. Idea Cellular (down 1.71%) and Reliance Communications (down 0.95%) declined.
Bharti Airtel lost 0.88%. The company and Gulf Bridge International (GBI), a global cloud provider for the Middle-East and Europe, announced a strategic agreement to unlock the capacity on GBI's India-Middle East-Europe submarine cable system. Under the agreement, Airtel through its subsidiary, has acquired the rights to use significant capacity on Middle East-Europe leg of GBI's cable system. The announcement was made after market hours yesterday, 6 March 2018.
Overseas, Asian stocks edged lower 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.
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.
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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)
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