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May 23, 2018 3:35 PM

Market closes in the red, Sensex tanks 300 points, Nifty closes in low range of 10,400.

The market closed in the red after a relatively flat-to-negative session with the BSE Sensex sinking more than 300 points to close at 34,344 points and the NSE Nifty closing in the low range of 10,400 at 10,430 points. SBI was the top gainer, gaining more than 3% in trade, after the bank posted a recovery forecast in its Q4 results. HPCL and BPCL lost in trade, with HPCL losing more than 8% and BPCL losing nearly 6%. The market lost in trade as the rupee weakened in the session and due to weak global cues.

May 23, 2018 3:35 PM

The rupee is currently trading at 68.36 against the US dollar.

May 23, 2018 3:15 PM

The market is extending losses, Nifty reaches 10,421 points, Sensex tanks 300 points.

May 23, 2018 3:13 PM

Eurozone economy slowdown sharper than expected in May: PMI##Eurozone economy slowdown sharper than expected in May: PMI

Euro zone economic growth slowed much more sharply than expected this month, a business survey showed, which along with weaker inflation suggests a stiffer policy challenge for the European Central Bank ahead.

The ECB will end its asset purchase programme this year and hike interest rates in 2019, a Reuters poll found last month, although policymakers may be concerned to see inflation pressures easing alongside weakening growth.

While the expansion still remained relatively strong, growth slowed in both of the bloc's two biggest economies, Germany and France. Forward-looking indicators also deteriorated, suggesting no imminent bounce-back.

IHS Markit's Euro Zone Composite Flash Purchasing Managers' Index (PMI), seen as a good guide to economic health, sank in May to an 18-month low of 54.1 from 55.1, below all forecasts in a Reuters poll which predicted a dip to 55.0.

May 23, 2018 3:12 PM

Madras High Court halts expansion of Vedanta's copper smelter after protests.##Madras High Court halts expansion of Vedanta's copper smelter after protests.

The Madras High Court halted the proposed expansion of Vedanta Resources Plc copper smelter on Wednesday where a day earlier 11 people were killed when police fired on protesters seeking closure of the plant on environmental grounds.

The plan by the London-listed firm to double the capacity of the smelter to 800,000 tonnes in the town of Thoothukudi in southern India ignited violent demonstrations and prompted activists to petition the court to intervene.

"Vedanta shall cease construction and all other activities on-site proposed Unit-II of the Copper Smelting Plant at Tuticorin (Thoothukudi) with immediate effect," the order from the court said.

It ordered authorities to hold a public hearing over Vedanta's application for environmental clearance and said a decision on environment approval would be completed within a period of four months.

The plant, one of India's biggest, has been shut for more than 50 days and will remain closed until at least June 6 because the local pollution regulator has said the facility is not complying with environmental rules.

May 23, 2018 3:11 PM

Madras High Court halts expansion of Vedanta's copper smelter after protests.##Madras High Court halts expansion of Vedanta's copper smelter after protests.

The Madras High Court halted the proposed expansion of Vedanta Resources Plc copper smelter on Wednesday where a day earlier 11 people were killed when police fired on protesters seeking closure of the plant on environmental grounds.

The plan by the London-listed firm to double the capacity of the smelter to 800,000 tonnes in the town of Thoothukudi in southern India ignited violent demonstrations and prompted activists to petition the court to intervene.

"Vedanta shall cease construction and all other activities on-site proposed Unit-II of the Copper Smelting Plant at Tuticorin (Thoothukudi) with immediate effect," the order from the court said.

It ordered authorities to hold a public hearing over Vedanta's application for environmental clearance and said a decision on environment approval would be completed within a period of four months.

The plant, one of India's biggest, has been shut for more than 50 days and will remain closed until at least June 6 because the local pollution regulator has said the facility is not complying with environmental rules.

May 23, 2018 2:58 PM

Grasim reports one-time loss of Rs 218.7 crore. Check out the Q4 numbers.

May 23, 2018 2:45 PM

Fortis removes Brian Tempest from board.

The shareholders of Fortis Healthcare have voted for removal of Dr Brian Tempest and have ratified the appointment of three board members nominated by Eastbridge Capital Fund and Jupiter India – Suvalaxmi Chakraborty, Ravi Rajagopal and Indrajit Banerjee, the company said in an exchange filing.

May 23, 2018 2:39 PM

WATCH| Cabinet has cleared the IBC ordinance.

May 23, 2018 2:30 PM

Excise duty may be lowered. Here are the details.

May 23, 2018 2:29 PM

Bharti Airtel slips trade, loses nearly 2%.

May 23, 2018 2:15 PM

Market trades lower, Nifty below 10,500 mark.

The market trades lower with the BSE Sensex trading at 34,503 points and the NSE Nifty trades at 10,475 points, breaching the 10,500 mark. The oil marketing companies remain to lose in trade while SBI, Cipla and Tata Motors stay firm and continue to gain in trade.

May 23, 2018 2:09 PM

GVK Power's Q4 net profit stands at Rs 23.1 crore and revenue at Rs 3.1 crore.

May 23, 2018 1:58 PM

The market continues to trade flat with a negative bias.

May 23, 2018 1:44 PM

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