Sensex Ends Day On A Tepid Note; Energy Stocks Top Gainers -

Sensex Ends Day On A Tepid Note; Energy Stocks Top Gainers

Oct 18, 2017Jeremy ParkinsonFinance0

After opening the day in the red, share markets in India witnessed volatile trading activity throughout the day and ended the day on a weak note. Losses were seen across most sectors with stocks in the banking sector and stocks in the healthcare sector, leading the losses.

At the closing bell, the BSE Sensex stood lower by 25 points (down 0.1%) and the NSE Nifty closed lower by 24 points (down 0.2%). The BSE Mid Cap index ended the day flat, while the BSE Small Cap index ended the day lower by 0.1%.

Asian stock markets finished higher in green. As of the most recent closing prices, the Hang Seng was flat and the Shanghai Composite was up by 0.3%. The Nikkei 225 was up by 0.1%. European markets too were trading in green. The FTSE was 100 up by 0.3%. The DAX was higher by 0.5% while the CAC 40 was up by 0.5%.

The rupee was trading at Rs 65.11 against the US$ in the afternoon session. Oil prices were trading at US$ 52.35 at the time of writing.

Steel stocks finished the day on a mixed note, with Tata Steel leading the losses. However, SAIL share price ended the day on a positive note.

In a bid to guard the interest of domestic players from cheap in-bound shipments, the government has imposed anti-dumping duty on imports of some flat steel products from China and European Union (EU) for five years. The duty will be the difference between the landed value of the steel products and US$822 per tonne.

The duty was imposed after the commerce ministry’s directorate general of anti-dumping and allied duties (DGAD) recommended duty on such imports. In its findings, the DGAD had concluded that ‘colour coated/pre-painted flat products of alloy or non-alloy steel’ has been exported to India from these regions at below the normal value, due to which domestic industry has suffered material injury.

This anti-dumping duty will be valid for a period of five years (unless revoked, superseded or amended earlier) from11th January and shall be payable in Indian currency. While DGAD recommends the duty to be levied, the finance ministry imposes it.