Key benchmark indices provisionally closed the session with small losses due to selling pressure in the last hour of the session, after hovering in positive terrain till mid-afternoon trade. The barometer index, the S&P BSE Sensex, fell 54.08 points or 0.16% at 33,297.49, as per the provisional closing data. The Nifty 50 index declined 7.35 points or 0.07% at 10,235.30, as per the provisional closing data.
Metal and mining stocks dropped after US President Donald Trump yesterday, 8 March 2018 signed implementation of global steel and aluminum import tariffs. Index heavyweight HDFC advanced. Dr Reddy's Laboratories dropped after the US drug regulator issued Form 483 with five observations after the completion of inspection of its Hyderabad plant.
Key indices started the session on a positive note on firm global cues. Indices extended gains in morning trade. Later, the indices hovered in a narrow range in positive terrain till mid-afternoon trade. Indices slipped into negative terrain in the last hour of trading on tracking weakness in European bourses.
The breadth, indicating the overall health of the market, was negative. On the BSE, 1,585 shares declined and 1,136 shares advanced. A total of 150 shares were unchanged.
The total turnover on BSE amounted to Rs 3199.41 crore, compared with the turnover of Rs 3997.89 crore registered during the previous trading session.
Dr Reddy's Laboratories (DRL) fell 1.14% after the US drug regulator issued Form 483 with five observations after the completion of inspection of its Hyderabad plant. . The company said that the audit of its API Hyderabad plant 3 at Bollaram, Telangana by the United States Food and Drug Administration (USFDA) has been completed today, 9 March 2018. The company has been issued a Form 483 with five observations. The observations are related to procedures and facility maintenance. DRL said it will address them comprehensively within the stipulated time. The announcement was made at the fag end of market hours today, 9 March 2018.
Metal and mining stocks dropped after US President Donald Trump yesterday, 8 March 2018 signed implementation of global steel and aluminum import tariffs. Steel Authority of India (down 6.33%), JSPL (down 5.11%), Tata Steel (down 3.73%), Nalco (down 1.88%), NMDC (down 1.53%), Hindalco Industries (down 1.19%) and Vedanta (down 0.91%) declined. Hindustan Zinc (up 0.53%) and JSW Steel (up 0.98%) gained.
In political news, the Telugu Desam Party (TDP), ally of National Democratic Alliance (NDA), has pulled out its two ministers from the Narendra Modi cabinet yesterday, 8 March 2018, in protest against the injustice to Andhra Pradesh. However, the party decided to continue supporting the NDA. The action by the TDP, which has sixteen members in the Lok Sabha and six in Rajya Sabha, will have no impact on the stability of the Modi government which has sufficient numbers in Parliament but will be seen as a big political setback as TDP is the first pre-poll ally to pull out of the Centre in nearly four years.
Overseas, European stocks edged lower. The European Central Bank (ECB), at its monetary policy meeting yesterday, 8 March 2018, kept its broader policy unchanged. The central bank said it could still extend its 2.55 trillion euro ($3.16 trillion) bond purchase scheme beyond September if needed.
Asian stocks advanced after moderate gains on Wall Street overnight following the implementation of US tariffs on steel and aluminum. Japan's central bank kept monetary settings unchanged today, 9 March 2018 and stuck to its upbeat view on the economy. In a widely expected move, the Bank Of Japan (BOJ) maintained its pledge of guiding short-term interest rates at minus 0.1% and the 10-year government bond yields around zero percent.
Trump signed a proclamation yesterday, 8 March 2018 authorizing the tariffs at 25% on steel imports and 10% on aluminium, the same level he promised when he revealed the plan on 1 March. The aluminium and steel import tariffs will take effect in 15 days, as per reports.
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