By CNBC-TV18 | May 17, 2018 3:49 PM IST (Updated)
Market closes in the red; Sensex slips more than 200 points.
The market closes in the red with the BSE Sensex closing more than 200 points lower at 35,149 points and the NSE Nifty, breaching its 10,700-mark, closed at 10,677 points. High crude prices, where it touched $80 per barrel, put the Sensex under pressure in trade today. The market erased its opening gains. Hindalco lost nearly 3% in trade after posting quarterly results which missed the market's estimate.
Market trades lower; Nifty slips below 10,700.
The market ins trading lower with the BSE Sensex trading at 35,170 points and the NSE Nifty trading at 10,690, breaching the 10,700-mark. Hindalco continues to lose in trade, nearly 3%, after posting its quarterly earnings which was below the market estimates. The company is currently the top index loser.
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May insists Britain leaving EU customs union.##May insists Britain leaving EU customs union.
British Prime Minister Theresa May denied on Thursday she was "climbing down" on plans to leave the EU customs union.
Asked about reports that her government would ask Brussels to stay in the European Union's customs area beyond the end of a post-Brexit transition period in 2020, she told reporters at an EU summit in Bulgaria:
"No. The United Kingdom will be leaving the customs union as we're leaving the European Union. Of course, we will be negotiating future customs arrangements with the European Union and I've set three objectives ... in those."
Investors bearish on most Asian currencies as US yields climb: Reuters poll##Investors bearish on most Asian currencies as US yields climb: Reuters poll
Investors turned bearish on most Asian currencies in the past two weeks as surging US bond yields pushed the dollar higher, a Reuters poll showed, with short positions in the Indian Rupee at the highest level in 9 months.
The yield on the 10-year US Treasury paper breached the 3 percent level earlier this week and is currently hovering around 7-year highs on signs the US economy is on stronger footing in the second quarter.
That kept the greenback supported, with the US dollar index up 0.7 percent so far this week, pressuring Asian currencies and other emerging market assets.
Bearish bets on the Indian rupee climbed to their highest level since August last year, the poll of 10 respondents showed, with sentiment further soured by rising oil prices, which will add to the country's already widening trade deficit.
The rupee strengthened 0.2 percent against the dollar on Thursday, but has shed nearly 6 percent so far this year, owing to India's perennial current account and fiscal deficit problems.
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India raises Iran oil imports in April to highest since Oct 2016 as US sanctions loom##India raises Iran oil imports in April to highest since Oct 2016 as US sanctions loom.
India's oil imports from Iran surged to 640,000 barrels per day (bpd) in April, its highest level since October 2016, according to data from shipping and industry sources, as refiners raised purchases ahead of looming U.S. sanctions against Tehran.
Overall, India imported 4.51 million bpd in April, 2.5 percent higher than a year ago, the data showed.
India's Iranian imports rose by 49 percent from March and were 20 percent higher than a year ago, the data showed. The country is the Iran's second-biggest buyer of crude after China.
State refiners have raised their imports after Iran agreed to steep shipping discounts.
Iran exported a total 2.6 million bpd of crude in April, a record since the lifting of sanctions in January 2016, according to the news service for the country's oil ministry.