Monday, 5 March 2018

Nifty slips below 10,400 mark; Metal stocks melt@Highlight Updates

Domestic stock indices opened lower mirroring subdued cues from global markets and led by losses in shares of metal companies and public sector banks.

Shares of metal companies fell as US President Donald Trump has announced he will impose a hefty import duty on steel and aluminium. Nifty Metal index was the top loser among sectoral indices, down 2.3%.

Shares of public sector banks fell after reports said Canara Bank, Union Bank of India, Punjab National Bank, Punjab and Sind Bank and Andhra Bank may be put under the RBI's Prompt Corrective Action (PCA) plan. Nifty PSU Bank index was down 0.24%.

Shares of Aurobindo Pharma fell over 4% after a report said the company's Unit 4 in Hyderabad, which makes injectable drugs, has received nine observations from the US Food and Drug Administration, some of which are not procedural in nature.

The BSE Sensex was trading at 33,820, down 227 points, while the Nifty50 was ruling at 10,374, down 84 points.

In the broader market, the BSE Midcap and the BSE Smallcap indices fell 0.71% and 0.72% respectively.

The volatility index, India VIX gained 7.81% at 15.1725.

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