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Monday
September 2018
11:28 AM IST
News Headlines
Shilpa Shetty faces racism at Sydney airport        Pakistan’s friendship offer to India should not be seen as weakness, says PM Imran Khan        India thrash Pakistan by 9 wickets        Naomi Osaka pulls out of Wuhan Open        Hasan, Asghar, Rashid fined 15 per cent of their match fees        Ready to be sacked if ATK do not fare well: Coppell        Sensex ends in red after 1,000-pt flash crash        OYO to hire over 2,000 tech experts, engineers by 2020        Thousands rally across Russia against raising pension age        Pak PM Imran hits out at India, calls its response "arrogant" for cancelling talks        Sisodia, AAP MLAs discharged in case related to 2014 protest        We have no role in selection of Reliance Defence for Rafale deal: Govt        Modi, Ambani carried out Rs 1.3 lakh cr 'surgical strike' on defence forces: Rahul on Rafale issue        Chekka Chivantha Vaanam: Second trailer released        Golden Globe Race: Indian Navy Officer Abhilash Tomy injured; INS Satpura dispatched for rescue        India Calls Off Talks With Pak, Says "Imran Khan's True Face Exposed"        Indian govt wanted Reliance for Rafale, we didn't have a choice: Ex-French prez Hollande        Wreckage of Captain Cook’s ship found off US coast        Death toll reaches 136 in Tanzania ferry disaster with scores missing        Ravindra Jadeja, Rohit Sharma take India to comprehensive 7-wicket win        
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Business News
Stocks as US rate hike fear spooks investors
 
Mumbai, Feb 28 (PTI) The benchmark BSE Sensex dropped 162.35 points or 0.47 per cent and the broader Nifty settled below the 10,500 mark as investors were spooked by worries about US Fed rate hike and weak economic data.

The Sensex resumed lower at 34,156,63 and dropped further to a low 34,076.45 due to heavy selling pressure in view of foreign capital outflows and lower global cues. It closed at 34,184.04, a loss of 162.354 points, or 0.47 per cent.

The broader Nifty dipped below the key 10,500-level to touch a low of 10,461.55 and finally concluded 61.45 points, 0.58 per cent down at 10,492.85.

"Weak global market on account of Fed's hawkish view on future rate hike and extension of selling in banks continued to impact the market. FIIs are sellers in the market due to domestic headwinds and is adding pressure on INR," Vinod Nair, Head of Research, Geojit Financial Services said.

Nifty is consolidating near the recent low while 10-year yield is still floating at higher levels keeping investors cautious, Nair said.

Banking stocks led by Axis Bank, Yes Bank, ICICI Bank and HDFC Bank took a hit after the finance ministry set a 15-day deadline for banks to take pre-emptive action on operational and technical risks, following a USD 2 billion fraud at Punjab National Bank.



In addition, sustained capital outflows and the rupee continued to trade at 3-month low of 65.31 against the US dollar, down 44 paise during the day, weighed on sentiments.

Investors turned cautious ahead of the macroeconomic data, brokers said. The December quarter GDP growth numbers were set for release later in the day.

Market sentiment suffered a jolt after other Asian markets closed with widespread losses and European markets dropped in early trade, tracking a slump in the US stocks overnight after the US Fed chair revived worries about a sharp increase in interest rates.

A declining Chinese factory activity, which slowed to a 19-month low in February, also hit the market sentiment.

Also, a monthly survey showed India's manufacturing sector growth eased slightly in February as factory output and new business orders rose at a slower pace.



The Nikkei India Manufacturing Purchasing Managers Index (PMI) fell from 52.4 in January to 52.1 in February, indicating a modest improvement in operating conditions even as remained above the 50-point-mark that separates expansion from contraction for the seventh consecutive month.

However, Moody's Investors Service on Wednesday estimated that India will grow 7.6 per cent in calendar year 2018 and 7.5 per cent in 2019, amid signs of economic recovery from impact of demonetisation and GST.

Fresh spell of selling dragged down most of the sectoral indices, led by metal, banking and FMCG, capital goods, power and infrastructure ended in the negative zone, falling up to 1.21 per cent.

PNB shares hit a 20-month low by slumping 12.11 per cent in morning trade but managed to close higher by 3.05 per cent.

Gitanjali Gems too cracked nearly 5 per cent.

PNB has said that the alleged fraud perpetrated by jewellers Modi and Mehul Choksi may be around USD 2 billion, over USD 204 million more than previously estimated.

Among the Sensex components, ICICI Bank fell 1.92 per cent, followed by Axis Bank 1.47 per cent, Yes Bank 1.47 and HDFC Bank 1.27 per cent.

Other banking stocks like Federal Bank, Kotak Mahindra Bank, IndusInd Bank ended lower by up to 1.67 per cent.

Hindustan Unilever, Sun Pharma, M&M, L&T, NTPC, Tata Motors, HDFC LTD, Bajaj Auto, ITC, Bharti Airtel, Coal India, Adani Ports, Maruti Suzuki, ONGC and TCS fell up to 2.02 per cent.

In contrast, IT stocks were in demand as the rupee edged lower against the dollar. Infosys rose 2.26 per cent. A weak rupee boosts revenue of IT firms.

Asian Paint, SBI, Power Grid, RIL, Hero Motocorp and Dr Reddy's too gained up to 0.52 per cent and capped the fall.

Cipla gained 1 per cent after it entered into an agreement with Roche to promote and distribute tocilizumab and Syndyma, the 2nd brand of Roche's cancer therapy bevacizumab in India.

Among the BSE sectoral indices, metal fell 1.21 per cent, banking 0.96 per cent, FMCG 0.69 per cent, capital goods 0.65 per cent, power 0.51 per cent, infrastructure 0.43 per cent, healthcare 0.20 per cent, oil & gas 0.18 per cent and PSU 0.13 per cent.



A mixed trend prevailed in broader markets with the BSE mid-cap index falling 0.23 per cent and the small-cap index gaining 0.21 per cent.

Japan's Nikkei fell 1.44 per cent, South Korea shed 1.17 per cent, Shanghai composite slump 0.99 per cent and Hong Kong's Hang Seng too shed 1.36 per cent.

In Europe, Paris CAC 40 was down 0.35 per cent, while Frankfurt' CAC fell 0.32 per cent in early deals. London's FTSE also traded lower 0.32 per cent lower.


Sensex ends in red after 1,000-pt flash crash
OYO to hire over 2,000 tech experts, engineers by 2020
Sensex recovers over 100 points on value-buying, global cues
Deepak Kapoor Appointed the new Chairperson of Save the Children
RCom to exit telecom fully to focus on realty: Ambani
Petrol, diesel rates scale new highs
Adani Capital to raise Rs 1,000 cr in growth capital in FY19
Vijaya Bank, Dena Bank, BoB to merge: Govt
Air India utilising just 21 of 27 Dreamliners for daily ops
RBI submitted a list of high profile fraud cases to PMO: Rajan
VU 100-inch 4K HDR smart TV launched in India for Rs 20 Lakh
US dollar ends higher against rupee
Gadkari pitches for alternate fuels; says govt not against petrol, diesel
Air India To Get Rs. 2,100 Crore From Government: Report
SBI hikes benchmark lending rate by 0.2 pc
PM launches India Post Payments Bank; postman to deliver doorstep banking services
IBA elects PNB's Sunil Mehta as chairman
Circular Trades: Sebi imposes fine of Rs 16 lakh on two individuals
India expected to surpass Britain to become world's 5th largest economy next yr: FM
DeMo led to more tax collection, higher growth: Jaitley
KERALA NEWS
Kannur International Airport: Kerala to be the first state with four international airports
 Malappuram: With Kannur International Airport becoming operational, Kerala will be the first state i  
Bar bribery case: Court dismisses the vigilance report
State Kalolsavam to be held in December
Actor Captain Raju passes away at 68
INTERNATIONAL NEWS
Shilpa Shetty faces racism at Sydney airport
 (Sydney, Sep 23, 2018):Actor-entrepreneur Shilpa Shetty Kundra on Sunday alleged that she fac
Pakistan’s friendship offer to India should not be seen as weakness, says PM Imran Khan
Thousands rally across Russia against raising pension age
Pak PM Imran hits out at India, calls its response "arrogant" for cancelling talks
NATIONAL NEWS
Sisodia, AAP MLAs discharged in case related to 2014 protest
 New Delhi Sep 22 (PTI) A Delhi court on Saturday discharged Deputy Chief Minister Manish Sisodia, AA
We have no role in selection of Reliance Defence for Rafale deal: Govt
India Calls Off Talks With Pak, Says "Imran Khan's True Face Exposed"
Indian govt wanted Reliance for Rafale, we didn't have a choice: Ex-French prez Hollande
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