Market closes with modest losses

Market provisionally settled with modest losses in the last trading session of the week. The barometer index, the S&P BSE Sensex, declined 240.53 points or 0.8% at 29,686.81, as per the provisional closing data. The Nifty 50 index fell 61.25 points or 0.66% at 9,200.70, as per the provisional closing data.

Market extended losses in mid-afternoon trade after hovering in negative terrain throughout the session triggered by worries of rising geopolitical tensions after US fired dozens of cruise missiles into Syria.

The BSE Mid-Cap index provisionally fell 0.3%. The BSE Small-Cap index provisionally declined 0.47%. The decline in both the indices was lower than the Sensex's decline in percentage terms.

The breadth, indicating the overall health of the market, turned negative from positive in late trade. On the BSE, 1,620 shares declined and 1,293 shares rose. A total of 129 shares were unchanged.

Metal stocks declined. Jindal Steel & Power (down 2.79%), JSW Steel (down 2.58%), Tata Steel (down 2.08%), NMDC (down 1.75%), Steel Authority of India (down 1.7%), Hindustan Zinc (down 1.47%), Vedanta (down 0.87%), National Aluminium Company (down 0.4%) and Hindalco Industries (down 0.13%) edged lower.

Sun Pharamceutical Industries (down 2.69%), Lupin (down 2.57%), Adani Ports and Special Economic (down 2.37%) and Dr Reddy's Laboratories (down 1.97%) edged lower from the 30-share Sensex pack.

Reliance Industries declined 2.32% after the company said that the Telecom Regulatory Authority of India (TRAI) has advised its telecom unit Reliance Jio Infocomm (Jio) to withdraw the 3 months complementary benefits of Jio Summer Surprise. Jio accepted this decision. It is in the process of fully complying with the regulator's advice, and will be withdrawing the 3 months complimentary benefits of Jio Summer Surprise as soon as operationally feasible, over the next few days.

However, all customers who have subscribed to Jio Summer Surprise offer prior to its discontinuation will remain eligible for the offer, RIL said. The announcement was made after market hours yesterday, 6 April 2017.

Indiabulls Housing Finance (IBHFL) was down 2.19%. The company announced that it has allotted its fifteenth tranche of secured, redeemable, non-convertible debentures (NCDs) aggregating to Rs 1000 crore on a private placement basis.

This allotment was part of an earlier announcement from the company in November 2016 wherein it has proposed to issue NCDs aggregating Rs 6000 crore, on a private placement basis. The announcement was made after market hours yesterday, 6 April 2017.

Overseas, European stocks edged lower as geopolitical tensions intensified after the US military struck a Syrian airfield near Homs and as investors exercised caution ahead of the non-farm payrolls report. Asian stocks were mixed.

US President Donald Trump said he ordered the missile strikes following the deadly chemical attack that took place earlier in the week. US equities closed well off session highs yesterday, 6 April 2017, after Trump said he's willing to act alone on North Korea if China does not step up.

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