Sensex falls 200 pts, Nifty breaks 10,400 despite BJP wins Tripura

PFC, Bank of India, Vakrangee, Bajaj Hindusthan, SAIL, JSW Steel, NALCO, Union Bank and Motherson Sumi were down 1-5 percent.

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Shares of Laurus Labs advanced 3 percent as the company has received Form 483 with zero observations for Unit 2.The United States Food and Drug Administration (USFDA) has successfully completed the audit without observations – Zero 483 for its Unit 2 (the formulations unit).
The inspection was carried out from February 23 – March 1, 2018.

The company also received its maiden approval from USFDA for Tenofovir Disoproxil Fumarate tablets 300mg.

The tablet is therapeutically equivalent to VIREAD tablets 300mg of Gilead Science (GILEAD).

The tablets are used for the treatment of HIV-1 infection in adults and pediatric patients 2 years of age and older.

Markets in Asia traded lower as Chinese leaders headed into an annual parliament meeting while in Italy, exit poll projections indicated that no party is emerging with a clear majority in Sunday’s election.

Japan’s Nikkei 225 fell 0.68 percent while the Kospi index was down 0.75 percent.

Chinese mainland markets fell, with the Shanghai Composite down 0.16 percent while Heng Seng declined 1.3 percent.

Shares of metal companies were trading weak in the morning as investors were wary of US President Donald Trump’s decision to impose import tariffs.

Steel stocks such as SAIL, JSW Steel, Jindal Steel and Tata Steel, among others, corrected up to 2.5 percent. Aluminum stocks such as NALCO fell close to 3 percent. Meanwhile, firms involved in the business of other metals such as Hindalco, Vedanta, Hindustan Zinc, MOIL also fell up to 2 percent. The Nifty Metal index fell close to 2 percent.

The US President, on Friday, said that he would impose a 25 percent import tariff on steel and 10 percent on aluminum to protect US producers, a move that could trigger a trade war with China and Europe.

An executive order in this regard would be signed this week, Trump said after a meeting with executives of steel and aluminum companies.

“It’ll be for a long period of time…And you’ll have protection for a long time in a while. You’ll have to regrow your industries, that’s all I’m asking,” Trump said in the presence of a pool of reporters.

Trump said the import tariff hike would create jobs in the US and benefit its industries.

Benchmark indices started off the week on a negative note despite BJP won Tripura elections, weighed by weak Asian cues and import tariffs on steel & aluminum in the US.

The 30-share BSE Sensex was down 193.88 points at 33,853.06 and the 50-share share NSE Nifty fell 66.10 points to 10,392.30.

Hindalco, Vedanta, Tata Steel, Aurobindo Pharma, Tata Motors, SBI, Mahindra & Mahindra, Coal India and Ambuja Cements declined 1-3 percent.

TCS, Infosys and IOC were early gainers.

Nifty Midcap was down half a percent.

PFC, Bank of India, Vakrangee, Bajaj Hindusthan, SAIL, JSW Steel, NALCO, Union Bank and Motherson Sumi were down 1-5 percent.

TVS Motor, Dilip Buildcon and VST Tillers gained 1-2 percent.

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