INSUBCONTINENT EXCLUSIVE:
trend in other Asian markets
Analysts said continued weakness in the rupee along with concerns on the US-China trade war front hurt the markets
Banking, financial services, FMCG, energy and pharma shares led the decline in domestic equity markets.Overall market breadth favoured
government late on Friday said it would take measures to cut down "non-necessary" imports, ease overseas borrowing norms for the
manufacturing sector and relax rules around banks raising masala bonds, or rupee-denominated overseas bonds.Analysts said the steps
announced by the government didn't meet Street expectations."The rally witnessed in the past two sessions was a pullback rally based on
at IDBI Capital, told TheIndianSubcontinent.The Sensex had Nifty had registered strong gains in the past two sessions supported by strong
buying across the sectors
against the greenback."There were expectations that something substantial will be planned to hold the rupee, but the measures the government
had in hand were limited and a little long term in nature
So they will take their own time to have an impact," news agency Reuters cited Naveen Kulkarni, head of research at Reliance Securities, as
finished between 1.7 per cent and 3 per cent lower
Rupee depreciation boosts profitability of exporters such as pharma companies.Equities in most Asian markets slipped on fresh concerns on
The losses came amid reports that the US could announce a new round of tariffs on Chinese imports later in the day, setting the stage for
possible reprisals by Beijing.Buying by institutional investors on Friday also failed to bring cheer to the Street
Rs 115.14 crore respectively, provisional data from the NSE showed
