Sensex ends lower , bank stocks crash on fraud in PNB
Sensex ends lower , bank stocks crash on fraud in PNB

Sensex slide continues on day 8

Agency News

Mumbai, May 10: The BSE Sensex fell for the eighth straight session on Friday and third consecutive week by 95.92 points to end volatile session on a negative note at 37,462.99 as investors remained wary of outcome of the US-China trade negotiations.
The Nifty of National Stock Exchange (NSE) too declined by 22.90 points to 11,278.90.

The Sensex, which had crashed by 230 points on Thursday, went up by 74 points to 37,632.36 in the morning session and then advanced by 163 points to touch day's high of 37,721.98 in mid-morning session.Later, it shaved off early gains and fell nearly 188 points to hit day's low of 37,370 before closing at 37,462.99, down by 95.92
points versus its last close.

The Nifty recorded day's high and low at 11,345.80 and 11,251.05 points, respectively. The sell-off in sectoral indices like IT, Oil & Gas, Technology, Health Care and Energy pulled the market down for another day today, along with scrips of Tata Steel, HCL Tech, Yes Bank and ONGC.

However, buying in Industrials, Telecom, Bankex and Consumer Durables capped its further fall, brokers informed. The broader markets however outperformed the Sensex, as the S&P BSE Mid-Cap index and Small-Cap rose 0.24 per cent and 0.21 pc, respectively.

The market breadth was weaker on BSE, as 1,197 shares gained versus 1,291 fell and 164 were unchanged.Overseas, Asian and European stocks edged higher Friday due to
bargain hunting after recent steep fall. The US hiked duties on USD 200 billion of Chinese products Friday. Washington increased tariffs on Chinese goods from 10 pc to 25 pc. China immediately said it would retaliate, though did not specify how as yet.

Top US and Chinese trade negotiators concluded the first of two days of talks on Thursday to rescue a trade deal that is close tocollapsing.  Investors hope that the US administration could revoke the new tariff hike once a deal is reached.(UNI)