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  • End-Session - Detailed News

Market ends lower as geopolitical tensions escalate
27-Feb-19   17:04 Hrs IST

Key equity indices ended with small losses after witnessing wild swings in intraday. The Sensex ended below the psychological 36,000 level after moving above and below that level in intraday trade. The Nifty held above 10,800 mark. Intraday volatility was high amid escalating geopolitical tensions between India and Pakistan.

The Sensex fell 68.28 points or 0.19% to settle at 35,905.43. The index rose 397.40 points, or 1.10% at the day's high of 36,371.11. The index fell 238.38 points, or 0.66% at the day's low of 35,735.33.

The Nifty 50 index fell 28.65 points or 0.26% to settle at 10,806.65. The index rose 104.40 points, or 0.96% at the day's high of 10,939.70. The index fell 84.10 points, or 0.78% at the day's low of 10,751.20.

In a joint press conference with the Indian Air Force, the Ministry of External Affairs on Wednesday, 27 February, issued a statement on Pakistan's violation of Indian air space earlier today in response to Indian Air Force (IAF)'s air strikes targeting terror camps in Balakot a day before.

External Affairs Ministry Spokesperson Raveesh Kumar confirmed that the Pakistan Air Force was detected and the Indian Air Force responded instantly. In that aerial engagement, one Pakistan Air Force fighter aircraft was shot down by a MiG 21 Bison of the Indian Air Force. The Pakistani aircraft was seen by ground forces falling from the sky on the Pakistan side. In this engagement, India has unfortunately lost one MiG 21. The pilot is missing in action. Pakistan has claimed that the pilot is in their custody. India is ascertaining the facts.

Trading for the day began on an upbeat note as the key benchmark indices drifted higher in early trade on buying demand in index pivotals. Stocks held firm in morning trade. Key indices trimmed gains in mid-morning trade. Benchmarks reversed gains and slipped into negative terrain in early afternoon trade amid geopolitical concerns. Key equity indices pared losses after hitting fresh intraday low in afternoon trade amid escalating geopolitical tensions between India and Pakistan. Stocks hovered with small losses in mid-afternoon trade.

The S&P BSE Mid-Cap index rose 0.40%. The S&P BSE Small-Cap index rose 0.17%. Both these indices outperformed the Sensex.

The market breadth, indicating the overall health of the market, was negative. On the BSE, 1161 shares rose and 1372 shares fell. A total of 171 shares were unchanged.

Among the sectoral indices on BSE, the S&P BSE Consumer Durables index (down 0.70%), the S&P BSE Power index (down 0.45%) and the S&P BSE Bankex (down 0.44%), underperformed the Sensex. The S&P BSE Capital Goods index (up 1.13%), the S&P BSE Auto index (up 0.31%) and the S&P BSE Healthcare index (up 0.31%), outperformed the Sensex.

Bharti Airtel (up 2.43%), Bajaj Auto (up 2.09%), Larsen & Toubro (up 1.49%), Sun Pharmaceutical Industries (up 1.39%) and Axis Bank (up 1.09%), were the major Sensex gainers.

Tata Motors (down 3.01%), Hindustan Unilever (down 1.77%), Kotak Mahindra Bank (down 1.61%), NTPC (down 1.17%) and Infosys (down 0.94%), were the major Sensex losers.

Vedanta lost 2.92%. Vedanta said that the ratings for the company's term loans and project finance facility has been revised by India Ratings and Research to Ind-Ra AA/Stable from Ind-Ra AA/Positive. The announcement was made during market hours today, 27 February 2019.

HCL Technologies rose 0.26%. HCL Technologies announced today a new fully configurable, high-throughput mobile backhaul Multi-Band Modem, supporting multiple RF channel transmissions at frequency ranges up to E-Band, jointly developed with Xilinx and powered by the Xilinx Zynq UltraScalet RFSoC platform. The solution targets 56 mobile backhaul in the mmWave and microwave frequency range bonded through a single physical link, to improve capacity and reliability. Such links essentially operate like an extended adaptive coding and modulation (ACM) solution and will enable telecom CEMs to meet the stringent requirements of next-generation networks. The announcement was made during market hours today, 27 February 2019.

Maruti Suzuki India rose 0.85%. Maruti Suzuki India today launched the 2019 IGNIS, with new safety features and a distinct new look. The 2019 IGNIS gets Reverse Parking Assist System, Co-Driver Seat Belt Reminder and High Speed Alert System as standard features across all the variants. To enhance the design, roof rails have been added in the Zeta and Alpha variants. The announcement was made during market hours today, 27 February 2019.

Tata Steel gained 0.34%. Tata Steel said that its committee of directors approved the issuing 40,000 unsecured, redeemable, rated, listed, nonconvertible debentures (NCDs) of face value Rs 10 lakh each, aggregating to Rs 4,000 crore, plus a green shoe option of up to Rs 1,000 crore. The NCDs will be allotted on 1 March 2019 and will mature on 1 March 2034. The announcement was made after market hours yesterday, 26 February 2019.

On the economic front, the Defence Acquisition Council (DAC) chaired by Raksha Mantri Nirmala Sitharaman met here today and accorded approval for acquisition of defence equipment for about Rs 2700 crore, Ministry of Defence said in a statement.

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 71.25, compared with its close of 71.07 during the previous trading session.

In the global commodities markets, Brent for April 2019 settlement was up 50 cents at $65.71 a barrel. The contract rose 45 cents, or 0.69% to settle at $65.21 a barrel during the previous trading session.

Overseas, European stocks declined on Wednesday as investors digest the latest political and economic news from around the world. Asian stocks were trading mixed Wednesday as investors awaited the outcome of a summit between President Donald Trump and North Korean leader Kim Jong Un in Vietnam. Kim and Trump both arrived in Hanoi on Tuesday and begin their meetings later in the day.

U.S. stocks closed lower Tuesday after weaving in and out of positive territory all session following Federal Reserve Chairman Jerome Powell's congressional testimony, during which he reiterated the central bank's wait-and-see approach.

Investors have been focused on U.S.-China trade developments after Trump in recent days indicated that he was willing to extend a March 2 deadline for increasing tariffs on some $200 billion in Chinese goods.

In economic data, Consumer confidence surged in February, rising for the first time in four months, as the Conference Board's consumer confidence index rose to 131.4, up from 121.7 in January.

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