You are here: Home » Markets » News
Business Standard

Market Wrap, Dec 3: Nifty fails to hold 12,000 mark; PSBs, metals decline

India's largest carmaker Maruti Suzuki India has announced to increase prices of its vehicles from January

Topics
MARKET WRAP | Markets

BS Web Team  |  New Delhi 

Equity edged lower on Tuesday as US President Donald Trump fanned fears of yet another trade war. In a tweet on Monday, Trump said that the US would restore, with immediate effect, tariffs on all steel and aluminium that are shipped into the US from Brazil and Argentina.

Consequently, metal stocks slipped up to 11 per cent at the bourses. Among individual stocks, Jindal Steel, Tata Steel, JSW Steel, and Vedanta were the worst hit.

At the index level, the benchmark S&P BSE Sensex closed at 40,675.45 level, down 126.72 points, or 0.31 per cent. On the NSE, the Nifty50 failed to hold the crucial 12,000-mark and settled 54 points, or 0.45 per cent, lower at 11,994-mark.

Sectorally, Nifty PSU Bank index skid the most, down nearly 3 per cent as investors turned cautious ahead of the RBI's fifth bi-monthly monetary policy review. The central bank is expected to cut interest rate by 25 basis points on December 5.

Overall, the market breadth remained weak, with nearly 2 stocks declining for every one stock that advanced on the BSE.

In the broader market, the S&P BSE mid-cap index slipped close to a per cent to end at 14,825, while the S&P BSE small-cap index shed 0.7 per cent to close at 13,411.

Now a development that could further hurt consumer pockets; India's largest carmaker Maruti Suzuki India has announced to increase prices of its vehicles from January. Without giving details on the quantum of the price hike, the company said price increase shall vary for different models, and were being increased to off-set high input costs

Here is how Asian fared in today's trade:

Asian shares fell on Tuesday after US President Donald Trump stunned by imposing tariffs on imports from Brazil and Argentina.

MSCI’s broadest index of Asia-Pacific shares outside Japan was down 0.43 per cent as Australian shares recorded their worst day in two months with a 2.2 per cent drop. Japan’s Nikkei shed 0.64 per cent.

MONTHLY STAR

Business Standard Digital

Business Standard Digital Monthly Subscription
149.00  
subscribe
Complete access to the premium product
Convenient - Pay as you go
Pay using Master/Visa Credit Card & ICICI VISA Debit Card
Auto renewed (subject to your card issuer's permission)
Cancel any time in the future
Requires personal information

What you get?

ON BUSINESS STANDARD DIGITAL

  • Unlimited access to all the content on any device through browser or app.
  • Exclusive content, features, opinions and comment – hand-picked by our editors, just for you.
  • Pick 5 of your favourite companies. Get a daily email with all the news updates on them.
  • Track the industry of your choice with a daily newsletter specific to that industry.
  • Stay on top of your investments. Track stock prices in your portfolio.
  • 18 years of archival data.

NOTE :

  • The product is a monthly auto renewal product.
  • Cancellation Policy: You can cancel any time in the future without assigning any reasons, but 48 hours prior to your card being charged for renewal. We do not offer any refunds.
  • To cancel, communicate from your registered email id and send the email with the cancellation request to assist@bsmail.in. Include your contact number for speedy action. Requests mailed to any other ID will not be acknowledged or actioned upon.

SMART MONTHLY

Business Standard Digital

Business Standard Digital - 12 Months
1499.00
subscribe
Get 12 months of Business Standard digital access
Single Seamless Sign-up to Business Standard Digital
Convenient - Once a year payment
Pay using an instrument of your choice - Credit/Debit Cards, Net Banking, Payment Wallets accepted
Exclusive Invite to select Business Standard events

What you get

ON BUSINESS STANDARD DIGITAL

  • Unlimited access to all content on any device through browser or app.
  • Exclusive content, features, opinions and comment - hand-picked by our editors, just for you.
  • Pick 5 of your favourite companies. Get a daily email with all the news updates on them.
  • Track the industry of your choice with a daily newsletter specific to that industry.
  • Stay on top of your investments. Track stock prices in your portfolio.

NOTE :

  • This product is a monthly auto renewal product.
  • Cancellation Policy: You can cancel any time in the future without assigning any reasons, but 48 hours prior to your card being charged for renewal. We do not offer any refunds.
  • To cancel, communicate from your registered email id and send the mail with the request to assist@bsmail.in. Include your contact number for easy reference. Requests mailed to any other ID will not be acknowledged or actioned upon.

Dear Reader,


Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

First Published: Tue, December 03 2019. 16:29 IST
RECOMMENDED FOR YOU
.