Closing Bell ## Closing Bell
The benchmark indices close at the lowest levels in over 5 months. NSE's Nifty failed to regain the 10,000 levels and closed at 9,986 points. The close was the lowest since October 11, 2017. The PSU bank index ended at an 8-month closing low. All Nifty Bank stocks closed with cuts. The market breadth improved from 1:20 level but closed at 1:5, in favour of the declines. Only 10 Nifty stocks closed with gains today with IT Stocks being the top gainers. Financials, energy and autos were the major losers today while media and IT stocks lent support.
Global trade wars continue to pull down the markets but the Indian markets are mildly off lows in the last hour. All sectoral indices have underperformed barring the IT index as it gained up to 0.3%. Vedanta and Hindalco are the top Nifty losers today. Currently, Nifty is trading at 10,012, regaining its levels. Sensex has, however, fallen by over 360 points and is currently trading at 32,455 points.
ArcelorMittal plans to rebid for Essar Steel ## ArcelorMittal plans to rebid for Essar Steel
World's largest steel maker ArcelorMittal, whose bid for Essar Steel was rejected by lenders, said it plans to re-bid for the debt-laden firm undergoing insolvency proceedings, reports I.
The SBI-led consortium of creditors had this week rejected the bids by ArcelorMittal and Numetal -- SPV floated by Russian lender VTB Bank and Rewant Ruia -- finding them ineligible under the IBC (Insolvency Bankruptcy Code) laws that debar related parties from bidding.
Bond market regulations likely to pull up markets in near future: India Ratings ## Bond market regulations likely to pull up markets in near future: India Ratings
A downward trend in the primary corporate bond market could be because of the sharp rise in bond yields and tepid demand for non-working capital financing, an Indian Ratings and Research report said.
The report says the bond market will be majorly guided by the regulatory push to reinvigorate the bond market.
In Budget 2018, Finance Minister Arun Jaitley announced two regulations in the bond market. One was the 25% borrowing by the large borrowers through the bond market and the other was pension funds and insurance companies being allowed to invest in "A-rated" bonds which will further bring developments in the bond market.
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US President Trump's bark has been worse than his bite, says Nomura on tariff hike ## US President Trump's bark has been worse than his bite, says Nomura on tariff hike
In many cases, "US President Donald Trump's bark is worse than his bite", says Nomura's Lewis Alexander on the announcement of a tariff hike on steel and aluminium of over $60 billion on Chinese imports.
Alexander believes that that the recent developments are risky as post announcement, global and Indian markets tumbled.
Commenting on how the trade war will affect India, Citi Private Bank's Asia Pacific Investment Strategist, Ken Peng, says that since the 'fiscal risk' has not been resolved yet, India will also be affected by global sentiment like everyone else would be and concluded this is a buying opportunity.
The tariff hike comes as a measure to 'penalise' China after Trump accused China of high-tech thievery, such as stealing the intellectual property of American companies. China, in retaliation, unveiled higher import duties on 128 U.S. goods including steel pipes, wine and fresh fruits.
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In the last trading hour, the markets have failed to recover post the global trade war buzz. The NSE's Nifty50 is juggling between the 9,900 and 10,000 range. BSE's Sensex and Nifty Bank have been hovering losses. The U.S. markets index Dow Futures was off 200 points in intra-day trading but has now again slipped by 120 points. and the S&P futures index showed a brief recovery and was then trading flat.
Fortis Case: Delhi High Court asks Singh brothers to disclose assets ## Fortis Case: Delhi High Court asks Singh brothers to disclose assets
The Delhi High Court has ordered the Singh Brothers to disclose all their assets except bank accounts after the court ruled in favour of Japanese drug firm's Daiichi Sankyo plea.
The plea sought a Rs 3,500 crore arbitral award against the Singh brothers who allegedly concealed details on selling Ranbaxy Laboratories products in 2008. The court has asked the Singh brothers to submit an updated list of the unencumbered assets and has appointed a chartered accountant for the valuation of assets. The valuation is required to be completed on or before the next hearing on May 14.
The Singh brothers, however, told the court that the list of the unencumbered assets disclosed in the affidavit are sufficient to meet with the dues claimed by Daiichi Sankyo.
Post the buzz, the shares of Fortis Healthcare have fallen by 10%.