Indian share markets finished the trading day well below the dotted line. At the closing bell, the BSE Sensex closed lower by 49 points, whereas the NSE Nifty finished lower by 17 points. The S&P BSE Midcap finished down up 0.1% while the S&P BSE Small Cap ended flat. Losses were largely seen in metal sector, auto sector, and healthcare sector.
Asian equity markets finished mixed as of the most recent closing prices. The Hang Seng gained 0.36% and the Shanghai Composite rose 0.26%. The Nikkei 225 lost 0.18%. European markets are mixed today. The DAX is up 0.15% while the FTSE 100 gains 0.15%. The CAC 40 is off 0.18%.
The rupee was trading at Rs 66.67 against the US$ in the afternoon session. Oil prices were trading at US$ 53.26 at the time of writing.
Metal stocks were under pressure in line with broader markets. Hindalco & Tata Steel together contributed almost 50% to the BSE Metal index fall. Tata Steel share price finished the day down by 2.2% as the company announced that it is still in talks with Germany’s ThyssenKrupp AG about a potential merger of their European steel assets.
The statement was in response to reports in the British media that Tata Steel might be in the process of calling off a potential deal with the Germans.
The merger talks had been revealed by Tata Steel last year as part of a major restructuring of its UK steel business. Such a deal with the German steel major could potentially lead to the formation of a European steel behemoth with blast furnaces in Wales, the Netherlands and Germany.
For Tata Steel, the deal with Thyssenkrupp has been hanging fire for over a year as there were complications in negotiations over its huge pension deficit in the UK. The situation improved in December, when Tata Steel UK made some progress with its trade unions to replace its defined benefit pension scheme, British Steel Pension Scheme (BSPS), with a defined contribution plan.
