Sensex stalls around 33,500 as Trump directs another $100 billion tariffs on Chinese imports

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Published: April 6, 2018 9:51:17 AM

Indian stock markets started flat on Friday after the United States President Donald Trump directed the administration to consider additional tariffs on the Chinese imports to the tune of $100 billion following which a sharp decline was seen in the US stock futures in the late trade.

BSE Sensex dropped 82.7 points to a day’s low of 33,514.1 on Friday. (Image: PTI)

Indian stock markets started flat on Friday after the United States President Donald Trump directed the administration to consider additional tariffs on the Chinese imports to the tune of $100 billion following which a sharp decline was seen in the US stock futures in the late trade. BSE Sensex dropped 82.7 points to a day’s low of 33,514.1 on Friday after opening up 11.79 points or 0.04% at 33,608.59. The broader share indicator Nifty 50 shed  34.1 points to mark a day’s low 10,291.05.

Shares of Reliance Communications surged as much as 6.86% to a day’s top of Rs 24.9 on NSE after the Anil Ambani group’s telecom company said that it is hoping to reduce the debt by around Rs 25,000 crore as the Supreme Court has lifted the stay on sale of assets of the company. “The Hon’ble Supreme Court has today lifted the stay granted in favour of Ericsson by the Bombay High Court, in relation to asset sales by RCOM. The Hon’ble SC has directed that secured lenders can proceed with the asset sales in accordance with law. Accordingly, there is now no bar in immediately completing the asset sales of spectrum, MCNs and real estate, and the same shall be concluded expeditiously,” RCom said in a statement.

Shares of the large-cap construction and engineering firm L&T were among the top losers on BSE Sensex after the anti-fraud agency Serious Fraud Investigation Office received a complaint against Larsen & Toubro alleging “thousands of crores” of financial irregularities, including money laundering and tax evasion. According to a PTI report, the charge of malicious and illicit practices has been rubbished as baseless by L&T. The stock of L&T slumped 1.83% to a day’s bottom of Rs 1304.3 on BSE.

The Dow and the S&P 500 posted gains for the third day in a row on Thursday, the longest streak in about a month, as investors’ worries of an escalating trade conflict between the United States and China eased and their focus on upcoming earnings grew, Reuters said in a report. The Dow Jones Industrial Average rose 240.92 points, or 0.99 percent, to 24,505.22, the S&P 500 gained 18.15 points, or 0.69 percent, to 2,662.84 and the Nasdaq Composite added 34.45 points, or 0.49 percent, to 7,076.55.

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