Sensex tanks almost 200 points as bank, metal stocks falter
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NEW DELHI: Equity indices on Friday started off on a negative note as trade war woes reached new heights after US dragged India to World Trade Organisation (WTO) over six export subsidy schemes.
The BSE index opened absolutely flat but soon started to slip as bank and metal stocks cracked. The two sectors have been under pressure due to frauds and Trump administration's decision to impose substantial tariffs on steel and aluminium imports, respectively. In Friday's early trade, both the sectoral sub-indices were down almost a per cent.
As a result, at 9.38 am, Sensex had lost 183 points., while Nifty too was down half a per cent.
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As the results for the Maharashtra polls will be announced tomorrow, Shiv Sena (UBT) leader Sanjay Raut on Friday exuded confidence in the victory of the Maha Vikas Aghadi (MVA), saying that around 160-165 MLAs will be elected from MVA.
Reacting to the speculations of the CM face from Maha Vikas Aghadi, Raut asserted that no formula has been made yet for the selection of the CM face as everyone will sit together and choose the CM.
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The Supreme Court on Friday issued a notice to the Enforcement Directorate (ED) in response to a petition from former Delhi Deputy Chief Minister and Aam Aadmi Party (AAP) leader Manish Sisodia. Sisodia sought a relaxation of the bail condition that mandates him to appear before the investigating officer every Monday and Thursday.
An SC bench of Justices BR Gavai and KV Viswanathan said that it would make a decision on the matter during the next hearing without any adjournment.
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Kenya's president said Thursday he has cancelled multimillion-dollar airport expansion and energy deals with Indian tycoon Gautam Adani after US bribery and fraud indictments against one of Asia's richest men.
President William Ruto in a state of the nation address said the decision was made based on new information provided by our investigative agencies and partner nations. He didn't specify the United States.
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Asserting that the relationship between India and the US is built on a strong foundation, the White House has expressed confidence that it can navigate the ongoing crisis surrounding bribery charges against Indian billionaire Gautam Adani.
At her daily news conference, White House Press Secretary Karine Jean-Pierre told reporters on Thursday that the administration is aware of the charges against Adani.
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Prime Minister Narendra Modi on Monday (local time) held a bilateral meeting with his Italian counterpart, Giorgia Meloni, on the sidelines of the G20 Summit in Brazil. PM Modi stated that their discussions focused on strengthening ties in defence, security, trade, and technology. He remarked, "India-Italy friendship can greatly contribute to a better planet."
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