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  • End-Session - Detailed News

Shares slide as geo-political concerns trigger caution
26-Feb-19   16:36 Hrs IST

The market ended the volatile session with modest losses amid rising geo-political concerns. India carried out non-military, pre-emptive air strikes across the Line of Control (LoC) early this morning to target the terror group Jaish-e-Mohammed (JeM). The Sensex settled below the psychological 36,000 level after moving above and below that level in intraday trade. The Nifty held above 10,800 mark.

The Sensex fell 239.67 points or 0.66% to settle at 35,973.71. The index fell 40.86 points, or 0.11% at the day's high of 36,172.52. The index fell 499.22 points, or 1.38% at the day's low of 35,714.16.

The Nifty 50 index fell 44.80 points or 0.41% to settle at 10,835.30. The index rose 8.65 points, or 0.08% at the day's high of 10,888.75. The index fell 150.80 points, or 1.39% at the day's low of 10,729.30.

Domestic stocks dropped in early trade, following the air strikes. Key indices extended slide and hit intraday low in morning trade. Stocks cut losses in mid-morning trade after an intraday slide. Indian equity benchmarks hovered in negative zone in early afternoon trade. Key benchmarks further pared losses in afternoon trade. Key indices traded with modest losses in mid-afternoon trade. Stocks extended losses in late trade.

Foreign Secretary Vijay Gokhale in a press conference said that air strikes were carried out by the Indian Air Force in Pakistan on Tuesday morning. India struck the biggest training camp of a Pakistan based terrorist organization Jaish-e-Mohammad in Balakot. In this operation, a very large number of JeM terrorists, trainers, senior commanders and groups of jihadis who were were being trained for fidayeen action were eliminated.

The S&P BSE Mid-Cap index fell 0.27%. The S&P BSE Small-Cap index fell 0.50%.

The market breadth, indicating the overall health of the market, was weak. On the BSE, 943 shares rose and 1579 shares fell. A total of 144 shares were unchanged.

Among the sectoral indices on BSE, the S&P BSE Auto index (up 0.32%), the S&P BSE Oil & Gas index (up 0.18%) and the S&P BSE Metal index (up 0.07%), outperformed the Sensex. The S&P BSE Realty index (down 1.63%), the S&P BSE Bankex (down 0.75%) and the S&P BSE Capital Goods index (down 0.69%), underperformed the Sensex.

HDFC (down 2.18%), ICICI Bank (down 2.08%), Infosys (down 1.75%), State Bank of India (down 1.44%), Hero MotoCorp (down 1.15%) and Reliance Industries (down 1.01%), were the major Sensex losers.

Tata Motors (up 4.07%), Coal India (up 2.82%), TCS (up 2.39%), Axis Bank (up 0.87%), Yes Bank (up 0.20%) and NTPC (up 0.18%), were the major Sensex gainers.

Kotak Mahindra Bank shed 0.44%. The board of directors of the bank has today approved increase in ceiling limit on the total shareholding of Foreign Institutional Investors (FIIs)/ Foreign Portfolio Investors (FPIs) from the current limit of 43% to 45% with immediate effect. The announcement was made during market hours today, 26 February 2019.

TCS gained 2.39%. Digitate, a venture of TCS announced the release of ignio Cheetah, a major upgrade of its highly successful cognitive automation product suite for IT operations and workload management. A key component of the Cheetah release is ignio Studio, which makes it easier for users to extend the functionality to support newer technologies and use-cases. The announcement was made during market hours today, 26 February 2019.

HCL Technologies fell 2.26%. HCL Technologies today at Mobile World Congress announced the launch of iCE.X, an intelligent, scalable and secure IoT device management platform for consumer premises equipment (CPE), small cells, gateways, sensors and various IoT devices. The new platform provides seamless connectivity, zero-touch secure onboarding of devices and support for multiple protocols to accelerate the adoption of IoT use-cases across industries. The opportunity to harness IoT devices and data to deliver more personalized services and tailored experiences enables telecom and media services providers to monetize billions of connections and future-proof their business models. The announcement was made during market hours today, 26 February 2019.

Intellect Design Arena rose 3.46%. Emirates NBD has selected Intellect Design Arena for end-to-end digital transformation of its transaction banking business. The planned project is aimed at strengthening Emirates NBD transaction banking's market leadership and will cover the bank's operations across trade corridors in the UAE, KSA, Egypt, India, Singapore and the United Kingdom. The announcement was made during trading hours today, 26 February 2019.

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 71.035, compared with its close of 70.9725 during the previous trading session.

In the global commodities markets, Brent for April 2019 settlement was up 32 cents at $65.08 a barrel. The contract fell $2.36 a barrel or 3.52% to settle at $64.76 a barrel during the previous trading session.

Overseas, European stocks fell on Tuesday on speculation over a possible Brexit delay. Prime Minister Theresa May is reportedly preparing to allow for a delay to Britain's March 29 Brexit deadline in order to have more time to convince both European Union leaders, and her own recalcitrant lawmakers, to support her rejected exit deal.

President Donald Trump heads to Vietnam for a Wednesday summit with North Korean leader Kim Jong Un in Hanoi in which the two men will attempt to solidify terms of their 2018 meeting in Singapore aimed and the denuclearization of the Korean Peninsula.

Asian stocks ended lower Tuesday as investors awaited more details on the outcome of U.S.- China trade talks. U.S. stocks came off earlier highs but still closed higher Monday after President Donald Trump said that he would delay additional China tariffs, and that there had been substantial progress in trade talks over the weekend.

Trump said late Sunday that he would extend a March 1 deadline for increasing tariffs on Chinese imports. He cited substantial progress across key topics such as intellectual property, technology transfers, agriculture and currency, and said if that continues, he will meet with President Xi Jinping at Mar-a-Lago to wrap up a deal.

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