MARKETS LIVE: Sensex slips in trade, Nifty below
10350; banks extend losses
Benchmark indices were trading lower following Asian
stocks that were on the defensive on Friday as worries over the US
investigation into the Trump Organization tested investor nerves, already
frayed by fears US tariffs could hurt the global economy and trigger a trade
war.
MSCI's
broadest index of Asia-Pacific shares outside Japan slipped
0.2 per cent in early trade. Japan's Nikkei was down 0.3 per cent.
Back home, The YSR Congress Party on Thursday moved a
no-confidence motion in the Lok Sabha against the Narendra Modi government. The
no-confidence motion can be accepted only if it has the support of at least 50
members in the House. The YSR Congress has nine MPs in the Lok Sabha. It has
appealed to other opposition parties to support the motion. If accepted, it
will be the first no-confidence motion moved, the first of this government’s
tenure.
Meanwhile, India’s trade deficit narrowed
to $12 billion in February, its lowest in five months, amid concern that a
global trade war could hit its exports because of US President Donald Trump’s
decision to hike import taxes on steel and
aluminum.
Government is worried that its exports could be hit in
the coming months by Trump’s decision to impose tariffs of 25 per cent on steel and
10 per cent on aluminum.
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