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Indices close lower on selling pressure in last hour

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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 Sensex, fell 54.08 points or 0.16% at 33,297.49, as per the provisional closing data. The declined 7.35 points or 0.07% at 10,235.30, as per the provisional closing data.

Metal and mining stocks dropped after US yesterday, 8 March 2018 signed implementation of global and aluminum import tariffs. heavyweight HDFC advanced. dropped after the US drug regulator issued Form 483 with five observations after the completion of inspection of its

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.

Among secondary indices, the Mid-Cap provisionally fell 0.35%. The Small-Cap index provisionally dropped 0.3%. Both these indices underperformed the Sensex.

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.

Index heavyweight and housing HDFC advanced 0.89% at Rs 1,813.50.

(DRL) fell 1.14% after the US drug regulator issued Form 483 with five observations after the completion of inspection of its . The company said that the audit of its 3 at Bollaram, Telangana by the 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 yesterday, 8 March 2018 signed implementation of global and aluminum import tariffs. Authority of (down 6.33%), JSPL (down 5.11%), (down 3.73%), (down 1.88%), NMDC (down 1.53%), (down 1.19%) and Vedanta (down 0.91%) declined. (up 0.53%) and (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 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 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 (ECB), at its monetary policy meeting yesterday, 8 March 2018, kept its broader policy unchanged. The central 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 kept monetary settings unchanged today, 9 March 2018 and stuck to its upbeat view on the In a widely expected move, the (BOJ) maintained its pledge of guiding short-term interest rates at minus 0.1% and the 10-year government bond yields around zero percent.

US stocks closed higher yesterday, 8 March 2018 after implemented steel and aluminum import tariffs that excluded and Mexico, two key US trade partners.

Trump signed a proclamation yesterday, 8 March 2018 authorizing the tariffs at 25% on and 10% on aluminium, the same level he promised when he revealed the plan on 1 March. The aluminium and will take effect in 15 days, as per reports.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Fri, March 09 2018. 15:35 IST
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