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Sensex drops below 38,000 on weak global stocks

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Domestic stocks dropped sharply tracking negative global cues as fears of a potentially major escalation in the Sino-US trade conflict weighed on investor sentiment, while the rupee depreciated to a fresh low, bolstering inflation concerns. The barometer index, the Sensex, lost 467.65 points or 1.22% to settle at 37,922.17. The index lost 151 points or 1.30% to settle at 11,438.10. The Sensex ended below the psychologically important 38,000 mark after moving above and below that level in intraday trade.

The Sensex lost 467.65 points or 1.22% to settle at 37,922.17. The index lost 506.99 points, or 1.32% at the day's low of 37,882.83 in late trade. The Sensex fell 35.30 points, or 0.09% at the day's high of 38,354.52 at the onset of trading session.

The index lost 151 points or 1.30% to settle at 11,438.10. The index lost 161.80 points, or 1.40% at the day's low of 11,427.30 in late trade. The Nifty fell 16.10 points, or 0.14% at the day's high of 11,573 at the onset of trading session.

Among secondary barometers, the Mid-Cap index fell 1.68%, underperforming the Sensex. The Small-Cap index fell 1.07%, outperforming the Sensex.

The market breadth, indicating the overall health of the market, was weak. On BSE, 1048 shares rose and 1684 shares fell. A total of 195 shares were unchanged.

Among the sectoral indices on BSE, the BSE Auto index (down 1.75%), the BSE Metal index (down 1.74%), and the index (down 1.65%) underperformed the Sensex. The index (up 0.02%), the index (down 0.06%), the index (down 0.97%) outperformed the Sensex.

(down 3.72%), (down 3.64%), (down 3.44%), (down 2.54%), and (down 2.35%) edged lower from the Sensex pack.

(up 0.99%), (up 0.26%) and (up 0.09%) edged higher from the Sensex pack.

Auto stocks declined. Escorts (down 3.3%), (down 3.64%), (down 1.48%), (down 1.44%), (down 1.96%), (down 0.97%), (down 0.62%) and (down 0.15%) edged lower.

fell 0.7%. Tata Motors' subsidiary Jaguar (JLR) reported 4.9% fall in total to 36,629 vehicles in August 2018 over August 2017. Jaguar were 11,802 vehicles in August, up 7.7% year on year, driven by the introduction of the E-PACE and I-PACE, as well as XE long wheelbase sales in retailed 24,827 vehicles in August, down 9.9% compared to August 2017 as increased sales of the Velar and the refreshed were offset by the impact of the lower sales in on Evoque and Discovery Sport in particular. The announcement was made after market hours on Friday, 7 September 2018.

were up in the UK (64.9%), Overseas markets (20.2%) and (2.5%), with slightly below last year (3.1%), waiting for last WLTP certifications. The market remains unsettled following tariff changes and trade tensions (down 38.1%), although the reduction in duty from 25% to 15% is expected to be beneficial over the full year. UK sales were boosted by a catch up in WLTP certification of vehicles with only 2 derivatives remaining to be certified in September.

fell 3.93%. The company received Certificate of Registration from the as - Non-Deposit Taking Systemically The announcement was made after market hours on Friday, 7 September 2018.

rose 0.42%. announced today that its subsidiary has secured marketing authorization in for Fluticasone/Salmeterol dry powder inhaler (DPI), a generic version of GlaxoSmithKline's Seretide Accuhaler. Fluticasone/Salmeterol DPI is a for the (COPD). Glenmark will sell the product in under the name SALFLUTIN. The announcement was made during market hours today, 10 September 2018.

Glenmark had entered into a strategic development and licensing agreement with (Celon) in 2015 to develop and market generic Fluticasone/Salmeterol DPI in 15 European countries. The company has already launched this product in Denmark, and According to IQVIA data, Fluticasone/Salmeterol dry powder inhaler (DPI) had sales of $844 million in in the 12 month period ended March 2018.

gained 3.3%. The company has secured an additional work of Rs 294.67 crore from for doubling of Dharmavaram Penukunda rail lines (41.5 Kms) in South Western Railways. Earlier, was awarded doubling work for 90.2 Kms of Dharmavaram Penukunda rail lines in South Central Railways for a cost of Rs 666.38 Crores from The work has been awarded to on cost plus basis in which RITES will be paid fee at the rate of 8.5% of the cost of work. The announcement was made after market hours on Friday, 7 September 2018.

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 72.38, compared with its close of 71.74 during the previous trading session.

Overseas, shares in struggled to make gains while most Asian shares ended lower on Monday, as trade tensions between the US and China remain in focus. China's trade surplus with the widened to a record in August even as the country's export growth slowed slightly. Trade surplus hit $31.05 billion in August, up from $28.09 billion in July, customs data showed on Saturday, surpassing the previous record set in June. Over the first eight months of the year, China's surplus with its largest export market has risen nearly 15%, adding to tensions in the trade relationship between the world's two largest economies. China's annual export growth in August moderated slightly to 9.8%, the data showed, the weakest rate since March but only slightly below recent trends.

China's consumer inflation accelerated to a six-month high in August, driven by a faster increase in vegetable prices and softer decline in pork prices, official data showed Monday. The consumer-price index rose 2.3% in August from a year earlier, compared with a 2.1% gain in July, the said.

US stocks closed lower Friday after US threatened tariffs on a further $267 billion worth of Chinese imports, on top of earlier promises to levy duties on $200 billion worth of Chinese goods. While the US tariffs on $200 billion Chinese goods have not been implemented, Trump said they could "take place very soon, depending on what happens with them."

US jobs report that showed that 201,000 jobs were added in the month of August. The unemployment rate held steady at 3.9% and wage growth showed signs of accelerating.

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

First Published: Mon, September 10 2018. 16:13 IST
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