US stocks declined on Wednesday, as worries about geopolitical developments deflated the buying mood on Wall Street. An early morning tweet by President Donald Trump implied the possibility of a military strike in Syria and set the downbeat tone for the session.
Trump's tweet that Russia should "get ready" for a potential strike on Syria came after a likely chemical weapons attack over the weekend on a rebel-held town in the eastern Ghouta region of Syria. The newfound focus on geopolitics took the focus off a trade spat between the US and China.
Investors also digested the release of minutes from the Federal Open Market Committee's (FOMC) March meeting, which reflected that all policymakers expected the US economy to continue growing and for inflation to rise. Those views strengthened the belief that more interest rate hikes lay ahead.
Closer home, foreign portfolio investors (FPIs) bought shares worth a net Rs 362.30 crore yesterday, 11 April 2018, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) bought shares worth a net Rs 111.82 crore yesterday, 11 April 2018, as per provisional data.
Among corporate news, Indian Oil Corporation (IOC) along with BPCL and HPCL incorporated a joint venture company named Ratnagiri Refinery & Petrochemicals (RRPCL) with equity holding of 50:25:25 to jointly develop and build an integrated refinery and petrochemicals complex at Ratnagiri in Maharashtra.
BPCL, IOC, and HPCL signed a memorandum of understanding (MOU) with Saudi Aramco, a leading global integrated energy and chemicals company in the Kingdom of Saudi Arabia, to jointly develop and build the said project. The partnership would bring together the crude supply, resources, technologies, experiences, and expertise of these multiple oil companies with an established commercial presence around the world. Saudi Aramco may also bring in a strategic partner to co-invest in the project. The announcement was made after market hours yesterday, 11 April 2018.
Key benchmark indices settled with small gains yesterday, 11 April 2018, following a divergent trend in index pivotals. The barometer index, the S&P BSE Sensex, rose 60.19 points or 0.18% to settle at 33,940.44. The Nifty 50 index rose 14.90 points or 0.14% to settle at 10,417.15. Extending gains for the fifth trading session, the Sensex settled at almost six-week high while the Nifty hit over four-week closing high. The market breadth, indicating the overall health of the market, was negative.
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