Indian Indices:SGX Markets set to open gap down as trade wars escalate. SGX Nifty is currently trading at 10,001 down 116 points. Indian markets are expected to see a continuation of the selling pressure, as global markets witness steep cuts on account of a potential trade war as both US and China imposed tariffs against each other.
The US has rolled back some tariffs on other countries which is a positive and measures announced By Donald Trump are less aggressive than what we feared, said Chetan Ahya, Co-Head of Global Economics & Chief Asia Economist at Morgan Stanley in an interview to CNBC-TV18. He believes this is going to have moderate impact on trade & growth. Previous experiences indicate impact of global trade war is not severe, he believes. Benchmark indices opened sharply lower on Friday, tracking steep fall in global peers on US-China trade war worries. The Sensex fell more than 450 points and the Nifty breached 10,000-mark for the first time in 2018.About 25 shares declined for every share rising on the NSE.HCC, Union Bank, Reliance Communications, Bank of Baroda, PNB, Bank of India, Canara Bank, IVRCL, GMR Infrastructure, Nalco, JSPL and SAIL fell up to 7 percent.
Major Asian markets are trading in the red at present Nikkei is down 3.67%, Hang Seng is down 3.31% while Shanghai Composite is trading 2.21% lower.
US Markets: Stocks witnessed heavy selling pressure in yesterday’s session with the major averages ending near the low point of the day.
European markets also cracked yesterday with FTSE closing 1.24% lower, CAC dipped 1.4% while DAX ended 01.73 lower%.
Major Headlines of the day:
Allahabad Bank: Bijaya Kumar Sahoo, Sarath Sura and Parthapratim Pal assume office as directors from March 22, 2018.
Union Bank of India: CBI registers a case on a complaint filed by bank against Totem Infra.
Cox & Kings: The company has sold 11.58% stake in subsidiary
Shriram Transport Finance raises Rs 1830cr via bonds
Hero Motocorp: The firm has hiked stake in Colombian jt venture to 68%
Trend in FII flows: The FIIs were Net Value of Rs 161.11 the cash segment Thursday while the DIIs were Net Value of Rs 409.89 as per the provisional figures.
Securities in Ban For Trade Date 23-MAR-2018: