Markets fall for 8th straight session; Tata Steel cracks 6%

MUMBAI: Falling for the eighth straight day, the BSE sensex slipped 96 points while the NSE Nifty ended below the 11,300-mark on Friday amid rising trade tensions between the US and China.
After a highly volatile session, the 30-share BSE benchmark closed 95.92 points, or 0.26 per cent, down at 37,462.99. The index hit an intra-day low of 37,370.39 and a high of 37,721.98.
Similarly, the broader NSE Nifty shed 22.90 points, or 0.20 per cent, to settle at 11,278.90. During the day, the bourse hit a low of 11,251.05 and a high of 11,345.80.
Tata Steel was the biggest loser in the sensex pack, 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.
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. —PTI