After opening the day in red share markets in India witnessed negative trading activity throughout the day and ended the day well below the dotted line. Sectoral indices too ended the day in the red, with stocks in the realty sector and stocks in the metal sector leading the losses.
At the closing bell, the BSE Sensex stood lower by 410 points (down 1.2%) and the NSE Nifty closed down by 117 points (down 1.2%). The BSE Mid Cap index ended the day down 1.4%, while the BSE Small Cap index ended the day down by 1.5%.
Asian stock markets too finished in red, fearing a trade war between US and China. As of the most recent closing prices, the Hang Seng was down by 2.5% and the Shanghai Composite was down by 3.4%. The Nikkei 225 was down by 4.5%. Meanwhile, European markets, too were trading on a negative note. The FTSE 100 was down by 0.6%, The DAX, was down by 1.7% while the CAC 40 was down by 1.6%.
The rupee was trading at Rs 65.03 against the US$ in the afternoon session.
Oil prices were trading at US$ 64.48 at the time of writing.
In news from stocks in the steel sector. Tata Steel share price was in focus today as the company was selected as successful applicant to buy Bhushan Steel.
Tata Steel Ltd has been declared the successful resolution applicant for Bhushan Steel Ltd by the committee of creditors (CoC).
The resolution plan finalised by the creditors will now require approval from the National Company Law Tribunal (NCLT) and the Competition Commission of India (CCI).
India’s steel industry was just coming out of a rough patch.Bhushan Steel owes about Rs 440 billion to its creditors. As per the resolution plan, Tata Steel has offered upfront cash of about Rs 348 billion to the financial creditors along with Rs120 billion to operational creditors
Demand was picking up. Steel prices were on the rise. Buyers were lining up to pick up stressed assets. With the expected pick up in the investment cycle, the sector was on the upswing.