Indian shares fell on Wednesday, tracking weak global markets after U.S. President Donald Trump blocked microchip maker Broadcom Ltd’s proposed takeover of Qualcomm Inc on national security grounds and fired his secretary of state, sparking fears of protectionism.
There were also reports that the Trump administration is eying hefty tariffs on Chinese imports.
India’s annual wholesale price inflation eased in February for the third straight month, official data showed today, helping limit overall losses in the broader market.
Wholesale prices climbed 2.48 percent year-over-year in February, slower than January’s 2.84 percent rise. That was almost in line with the 2.50 percent increase expected by economists.
The benchmark BSE Sensex dropped 21.04 points or 0.06 percent to 33,835.74, extending losses for a second straight session. The broader Nifty index ended down 15.95 points or 0.15 percent at 10,410.90.
ONGC, Hero MotoCorp, HPCL, Infratel and IOC fell 2-3 percent in the Nifty pack, while UltraTech Cement, Yes Bank, Bajaj Finance, Ambuja Cement and Tech Mahindra rallied 2-3 percent.
Banks SBI, Bank of Baroda and PNB climbed 1-2 percent after the RBI banned credit guarantees.
Yes Bank rose 1.7 percent after it acquired over 17 percent stake in Fortis Healthcare in view of default by promoter group companies. Fortis Healthcare shares jumped 3.7 percent.
by RTT Staff Writer
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