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19
June 2018
I had
mentioned in Monday’s closing report that Nifty, Sensex were looking weak. The
major indices of the Indian stock market suffered a correction on Tuesday and
closed with losses over Monday’s close, as weak global markets suppressed the
key Indian equity indices. Globally, key markets were weighed down by signs of
a resurgent trade war after reports said that US President Donald Trump might
consider imposing tariffs on additional $200 billion worth of Chinese goods.
According to analysts, selling pressure was witnessed in auto, metal and
banking stocks. On the NSE, there were 446 advances, 1,280 declines and 333
unchanged. The trends of the major indices in the course of Tuesday’s trading
are given in the table below: The Total
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US
President Donald Trump has threatened to impose tariffs on an additional $200
billion worth of Chinese goods shipped to Washington unless Beijing agrees to a
host of sweeping trade concessions, media reports said. In a statement on
Monday, Trump said he had US Trade Representative Robert E. Lighthizer, to draw
up a list of $200 billion in Chinese products that will be hit with tariffs of
10 per cent if China refuses his demands to narrow the yawning American trade
deficit and change its industrial policies, reports The Washington Post.
"The trade relationship between the US and China must be much more
equitable. The US will no longer be taken advantage of on trade by China and
other countries in the world," Trump said. "Further action must
be taken to encourage China to change its unfair practices, open its market to
US goods, and accept a more balanced trade relationship with the US," he
added. In a statement published shortly after Trump's announcement, China's
Ministry of Commerce called the move "blackmail" and accused the US
of "extreme pressure and extortionist behaviour". "If the US
loses its senses and comes up with a new list, China will be forced to strike
back hard and launch comprehensive measures that match the US move in quantity
and quality," it said. The tariffs, which the US government says are
punishment for intellectual property theft, will be enacted in two phases,
reports CNN. The Total Investment & Insurance
Solutions
A
majority of government-owned banks and financial institutions continued to fund
coal projects in India in 2017, an analysis of energy project lending said on
Tuesday. It also reveals that comparatively, private financial companies are
investing more in renewable energy projects compared to coal. The report 'Coal
vs Renewables Finance Analysis' by the Delhi-based Centre for Financial
Accountability (CFA) finds that coal received Rs60,767 crore ($9.35 billion) in
lending whereas renewable energy received Rs22,913 crore ($3.50 billion).
"It seems like the government and public financial institutions are living
in a bubble devoid of market forces," CFA Executive Director Joe Athialy
said in a statement. "The shift against coal and towards solar and wind is
quite well established in the financial markets now and investing in coal has
will expose public banks to further bad loans." The report identifies and
reviews project finance lending to 72 energy projects, comprising of coal-fired
power stations and renewable energy generation facilities in India that reached
financial close in 2017.
These
projects attracted total lending of Rs83,680 crore ($12.85 billion). Of the top
10 lenders to coal power projects, eight were majority government-owned banks
that collectively gave close to Rs30,337 crore ($4.5 billion) in new and re-financed
lending towards 12 coal power projects. These were Rural Electrification
Corporation, the State Bank of India, India Infrastructure Finance Company,
Bank of India, Bank of Baroda, Canara Bank, Punjab National Bank and Power
Finance Corporation. The Total
Investment & Insurance Solutions
Nirav
Modi, the prime accused in a Rs13,500 crore fraud at the Punjab National Bank
(PNB), travelled multiple times to Britain, US, China, Cuba and France on a
revoked Indian passport with additional booklets, despite his details shared on
the "central database of Interpol internationally", according to inputs
given by Britain to Indian agencies. PNB shares closed at Rs86.75, down 1.98%
on the NSE. The Total Investment & Insurance
Solutions
Truck
owners and operators in different parts of the country launched an indefinite
nationwide strike against high diesel prices, high toll rates and a sharp hike
of third party insurance premium.
The
top gainers and top losers of the major indices are given in the table below:
The
closing values of the major Asian indices are given in the table below:
 |
Major Indices (The Total
Investment & Insurance Solutions)
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