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Business EconomyPosted at: Jun 17 2019 5:39PM


Sensex ends lower at 1-mn-low of 38,960.79 pts as India slaps higher

Mumbai, Jun 17 (UNI) The BSE Sensex tanked for second consecutive
session on Monday by 491.28 points to end below the 39K level at
38,960.79, a one-month low, after India slapped higher tariffs on
certain US products in retaliation to United States’ decision to
remove certain trade privileges for New Delhi.
The government, after dragging its feet for almost a year, decided
to raise tariffs on 29 high-value US agricultural and industrial
imports by up to 50 per cent.
The Nifty of National Stock Exchange (NSE) too dropped by 151.15
points to 11,672.15.
The Sensex went up by 62 points to 39,514.36 in early trade and then
swung wildly in the range of 39,540.42 and 38,911.49 points during
the day before closing in red at 38,960.79, sliding by 491.28 points
versus its previous close.
The sell-off in all sectoral indices also pulled the Sensex down
today, along with scrips of Tata Steel, VEDL, Tata Motors and Axis
Bank.
The market breadth was weaker on BSE, as 695 shares advanced while
1,868 declined and 133 were unchanged.
The broader markets underperformed the Sensex, as the BSE Mid-Cap
index and Small-Cap slipped 1.29 per cent and 1.35 pc, respectively.
Globally, Asian shares ended mixed, as wary investors closely
watched outcome of the US Federal Reserve meeting amidst political
tensions in the Middle East and Hong Kong, restraining the risk
appetite.
US stocks ended lower on Friday, as investors turned cautious before
this week's Fed meeting, while a warning from Broadcom on slow down
in demand weighed on chipmakers and added to China-US trade worries.
There was an uptick in industrial production to 0.4 pc in May on
back of rise in production of pick-up trucks and cars, the Federal
Reserve said Friday when it released economic data. It was the
strongest monthly rise in last six months.
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