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Sensex down by 131.14 pts during the week

3/17/2018

Agencies, Mumbai The benchmark index of Bombay Stock Exchange (BSE) slipped by 131.14 points or 0.39 pc to 33,176 on the week ended on Friday amid renewed concerns of global trade war and policy uncertainties of Trump administration in US. The Nifty of National Stock Exchange (NSE) declined by 31.70 points or 0.31 pc at 10,195.15.The Mid cap fell by 1.07 pc and Small cap too dropped by 1 pc. BJP’s poor performance in UP’s by-election also dampened the sentiments. The Telugu Desam Party (TDP), erstwhile ally of ruling NDA at the Centre, has pulled out of NDA and moved a no-confidence motion against the government protesting the injustice meted out to Andhra Pradesh (AP) in the wake of Centre’s reluctance to grant a Special Category Status to AP. Most Asian stocks fell as reports of more chaos in the Trump administration tested investors’ nerves, already frayed by fears that US tariffs could hurt the global economy and trigger a trade war. The week started on strong note, as the Sensex jumped by 610.80 points or 1.83 pc at 33,917.94, its highest closing level since March 1, 2018 on upbeat global stocks. From Tuesday, it remained under pressure till the end of the week. In four straight sessions, the sensex crashed by 741 points, on weak global cues. On Tuesday, it fell 61.16 points and on Wednesday, it further dropped by 21.04 pts to 33,835.74. On Thursday it registered modest losses in a volatile session of trade as the sensex tumbled down by 150.20 points at 33,685.54, its lowest closing level since March 9, 2018. On Friday, the Sensex slumped by 509.54 points or 1.51 pc to settle at 33,176, lowest closing level since March 1, in a broad-based sell-off on renewed global trade war fears. Coming to the Sensex stocks, State Bank of India (SBI) fell 0.22 pc. Index heavyweight Reliance Industries (RIL) dropped 1.27 pc. The company’s step-down subsidiary, Reliance Retail (RRL), has subscribed to 19.04 lakh common shares of KaiOS Technologies Inc (KTI) at $3.675 per share, for cash aggregating to $7 million, translating to 16 pc of equity stake of KTI on a fully diluted basis. KTI is an emerging mobile operating system technology provider incorporated in the State of Delaware, USA in 2014. The announcement was made after market hours on Friday. Auto major Tata Motors fell 0.47 pc. Tata Motors Group global wholesales in February 2018, including Jaguar Land Rover, rose 18%, to 1.21 lakh units in February 2018 over February 2017. The announcement was made after market hours on Friday. IT major TCS tumbled 6.89 pc. Tata Sons sold 3.12 crore shares, or 1.63 pc equity, of TCS in two separate bulk deals on NSE on Tuesday, 13 March 2018. Tata Sons offloaded 2.05 crore shares at Rs 2,876.46 each. Another 1.06 crore shares were sold at Rs 2,872.19 each. As on 31 December 2017, Tata Sons held 73.52 pc stake in TCS. ICICI Bank advanced 1.84 pc. ICICI Bank informed that the IPO of its subsidiary, ICICI Securities, will open for subscription on 22 March 2018 and shall close on 26 March 2018. The price band for the IPOhas been fixed at Rs 519 to Rs 520 per share. The announcement was made after market hours on Wednesday. HDFC Bank rose 0.23 pc. The bank said that the bank has completed the issue of Rs 2300 crore, Rupee Denominated Bonds (RDB) with coupon of 8.10 pc fixed annually and maturity of 22 March 2025. The announcement was made after market hours on Thursday. Telecom major Bharti Airtel surged 4.04 pc. The company’s board of directors in its meeting held on 12 March 2018, approved issuance of non-convertible debentures (NCDs) of upto Rs 10,000 crore on a private placement basis and issuance of foreign currency bonds up to a limit of $1 billion or equivalent in one or more tranches. The announcement was made during market hours on Monday.

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