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04 Jul 2020, 17:29 HRS IST
  • PTI
  • Markets fall for 8th straight session; Tata Steel cracks 6 pc

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17:11 HRS IST

Mumbai, May 10 (PTI)
Benchmark indices buckled under selling pressure for the eighth straight session Friday -- marking their longest losing streak since February -- as investors remained on the sidelines amid grim global cues and lacklustre corporate earnings.

After a highly volatile session, the 30-share BSE Sensex closed 95.92 points, or 0.26 per cent, down at 37,462.99. Similarly, the broader NSE Nifty shed 22.90 points, or 0.20 per cent, to settle at 11,278.90.

During the week, the Sensex lost a hefty 1,500.27 points, or 3.85 per cent, while the Nifty dived 433.35 points, or 3.69 per cent.

On the global front, the US hiked tariffs on USD 200 billion worth of Chinese imports, prompting Beijing to threaten retaliation.

However, investors pinned their hopes on an eventual trade deal as the two sides remained on the negotiating table.

Tata Steel was the biggest loser in the Sensex pack Friday, tumbling 6.10 per cent, following reports that German industrial conglomerate Thyssenkrupp expected the European Commission to "block" its plan to merge its European steel business with the Indian steel giant.

Other losers included HCL Tech, Yes Bank, IndusInd Bank, TCS, ONGC, Bajaj Finance, PowerGrid, Vedanta, Asian Paints, NTPC and Hero MotoCorp, which shed up to 4.07 per cent.

SBI was the top gainer, up 2.94 per cent, after the country's largest lender reported a net profit of Rs 838.40 crore for the fourth quarter of 2018-19 on a standalone basis as non-performing assets (NPAs) declined.

Bharti Airtel, ICICI Bank, HDFC twins, Axis Bank, Kotak Bank, M&M and Tata Motors too ended in the green, rising up to 2.09 per cent.

"The earnings season has not panned out well going by the numbers of auto, consumer and private banks' quarterly results. We have started to see signs of slowdown in the economy, going by management commentary of consumer companies," said Sanjeev Zarbade, VP PCG Research, Kotak Securities.

Sectorally, the BSE metal, IT, oil and gas and teck indices declined up to 1.54 per cent.

Consumer durables, bankex and finance rose up to 1.51 per cent.

Broader indices outperformed benchmarks, with the BSE midcap and smallcap gaining up to 0.24 per cent.

Persistent outflow of foreign funds too weighed on investor sentiment, traders said.

Foreign institutional investors (FIIs) net sold shares worth Rs 655.36 crore on Thursday, while domestic institutional investors (DIIs) purchased equities to the tune of Rs 677.91 crore, provisional data available with stock exchanges showed.

The Indian rupee appreciated marginally to 69.86 against the US dollar intra-day.

Ahead of the outcome of the two-day talks in Washington aimed at ending the trade war between the world's two largest economies, US President Donald Trump on Thursday accused China of trying to renegotiate a trade deal that has been negotiated after months of efforts and asserted he will not let that happen.

However, Trump said he received a "very beautiful letter" from the Chinese President Xi Jinping, and that it is possible that the US and China will ink a trade deal.

Bourses in China ended significantly higher, with Shanghai Composite Index rallying 3.10 per cent and Hang Seng ending 0.84 per cent higher. Elsewhere in Asia, Nikkei fell 0.27 per cent, while Kospi rose 0.29 per cent.

European stocks were also trading higher in early trade.

Global oil benchmark Brent crude was trading 0.38 per cent higher at USD 70.66 per barrel.

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