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MARKETS ON FRIDAY: Indices decline for 4th session, Sensex down 301 pts

SI Reporter/New Delhi 18 May 18 | 03:31 PM

Benchmark indices declined for a fourth straight session on Friday, amid caution over uncertainty over the formation of government in Karnataka, developments in US-China trade negotiations and firm crude prices.

In a major political development, the Supreme Court held a hearing in the Karnataka government formation matter, directing that the Bharatiya Janata Party (BJP) leader and the state's new chief minister, BS Yeddyurappa, must conduct the floor test on Saturday at 4 pm. 

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The S&P BSE Sensex ended at 34,848, down 301 points while the broader Nifty50 index settled at 10,605, down 78 points

Among sectoral indices, the Nifty Bank index fell as much as 0.6%, extending its drop into a third session. ICICI Bank declined 2.9%, while HDFC Bank slipped 0.8%. 

The Nifty PSU Bank Index also shed 1.6%, in what could be its fourth consecutive session of fall, on continued concerns about disappointing quarterly results due to a jump in bad-loan provisions.

In the global markets, Asian stocks were steady on Friday amid caution over developments in US-China trade negotiations, while the dollar perched near a five-month peak after the benchmark US Treasury yield hit its highest in seven years.

MSCI’s broadest index of Asia-Pacific shares outside Japan was little changed. The index was headed for a 1% loss this week.

Hong Kong’s Hang Seng rose 0.17% and Shanghai climbed 0.3% as some investors bet Beijing and Washington will reach a deal in the latest round of trade talks.

Japan’s Nikkei rose 0.35%, South Korea’s KOSPI was up 0.3% and Australian stocks dipped 0.2%.

(with Reuters inputs)

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Sensex

Company Price Gain (%)
Sun Pharma.Inds.559.902.72
Infosys1,348.352.42
Reliance Inds.1,128.552.23
ICICI Bank266.001.84
Axis Bank534.451.36

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