Markets fall for 8th straight session
   Date :11-May-2019

BENCHMARK indices buckled under selling pressure for the eighth straight session on Friday -- marking their longest losing streak since February -- as investors remained on the sidelines amid grim global cues and lacklustre corporate earnings.
After a highly volatile session, the 30-share BSE Sensex closed 95.92 points, or 0.26 per cent, down at 37,462.99. Similarly, the broader NSE Nifty shed 22.90 points, or 0.20 per cent, to settle at 11,278.90. During week, Sensex lost a hefty 1,500.27 points, or 3.85 per cent, while the Nifty dived 433.35 points, or 3.69 per cent.
On the global front, the US hiked tariffs on USD 200 billion worth of Chinese imports, prompting Beijing to threaten retaliation. However, investors pinned their hopes on an eventual trade deal as the two sides remained on the negotiating table. Tata Steel was the biggest loser in the Sensex pack on Friday, tumbling 6.10 per cent, following reports that German industrial conglomerate Thyssenkrupp expected European Commission to “block” its plan to merge its European steel business with the Indian steel giant.
Other losers included HCL Tech, Yes Bank, IndusInd Bank, TCS, ONGC, Bajaj Finance, PowerGrid, Vedanta, Asian Paints, NTPC and Hero MotoCorp, which shed up to 4.07 per cent.
SBI was the top gainer, up 2.94 per cent, after the country’s largest lender reported a net profit of Rs 838.40 crore for the fourth quarter of 2018-19 on a standalone basis as non-performing assets (NPAs) declined. Bharti Airtel, ICICI Bank, HDFC twins, Axis Bank, Kotak Bank, M&M and Tata Motors too ended in the green, rising up to 2.09 per cent.
Sectorally, BSE metal, IT, oil and gas and tech indices declined upto 1.54 pc. Consumer durables, bankex and finance rose upto 1.51 pc. Broader indices outperformed benchmarks.