INSUBCONTINENT EXCLUSIVE:
The stock markets started Wednesday's
session on a weak note, with the BSE Sensex shedding 35 points
National Stock Exchange (NSE) benchmark index Nifty fell 19 points to 10,516 in early morning deals
Losses were led by metal stocks, with the Nifty Metal - the NSE's sub-index of metal stocks - trading 1.4 per cent lower
State Bank of India (SBI) shares rose 5 per cent to lead the pack of banking stocks, which curbed the downside in the indices.With that, SBI
extended gains of Tuesday, the day it reported a loss of Rs
7,718 crore ($1.1 billion) - its biggest ever - for the January-March quarter
The country's biggest lender set aside more provisions for bad loans after a change in banking regulation
SBI had said on that it expected a key bad loan metric to fall sharply in two years
MSCI's broadest index of Asia-Pacific shares outside Japan was up 0.15 per cent while Japan's Nikkei lost 0.2 per cent
However, investors were cautious after US President Donald Trump tempered optimism over progress made so far in trade talks between the
world's two largest economies.Overnight on Wall Street, the SP 500 shed 0.31 per cent, losing steam after hitting a two-month high.US
President Donald Trump said on Tuesday he was not pleased with recent trade talks between the United States and China, souring the improved
market sentiment following weekend comments from US Treasury Secretary Steven Mnuchin that trade war is "on hold"
His remarks followed Beijing's announcement that it would cut import tariffs for automobiles and car parts.(With agency inputs)
