Sensex falls over 100 pts, Midcap index extends losses; Nifty entering consolidation phase

The Benchmark indices declined for a fourth straight session on Friday, amid developments in the US-China trade negotiations and firm crude prices. The Sensex ended at 34,848, down 301 points. The broader Nifty index settled at 10,605, down 78 points. Among sectoral indices, the Nifty Bank index fell as much as 0.6 percent, extending its drop into the third session. Nifty50 is expected to open flat-to-positive on Monday following muted trend seen in other Asian markets. The index closed 86 points lower at 10,596 on Friday. The Nifty futures on Singaporean Stock exchange, SGX, were trading absolutely flat with a positive bias, indicating a similar opening on the market in India. The SGX Nifty was trading around 10,624-mark, up just 10 points.

NCLAT on Tata Steel-Bhushan Steel: The National Company Law Appellate Tribunal (NCLAT) today declined to stay Tata Steel's acquisition of debt-laden Bhushan Steel under the corporate insolvency resolution process.

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Crude Update: Oil prices rose, lifted by news that China and the United States had put a looming trade war between the world's two biggest economies "on hold".

Brent crude futures were at $79.17 per barrel, up 0.84 percent, from their last close. Brent broke through $80 for the first time since November 2014 last week.

Market Update: The market continued to trade lower for fourth consecutive session amid higher crude oil prices and weaker rupee, dragged by HDFC twins, auto, metals stocks and Reliance Industries.

The Sensex is falling more than 100 points while the Nifty Midcap is down more than 1.5 percent.

Global Market:

• Asian markets- Asian markets are higher today as Japanese and Hong Kong shares show gains. The Nikkei 225 is up 0.49% while the Hang Seng is up 1.19%. The Shanghai Composite is not trading.

• US Markets: The Dow Jones Industrial Average was essentially flat, ending the session at 24,715.09, the S&P 500 lost 7.16 points, or 0.26 percent, to 2,712.97 and the Nasdaq Composite dropped 28.13 points, or 0.38 percent, to 7,354.34.

• European markets- European markets finished lower on Friday with shares in Germany leading the region. The DAX is down 0.28% while France's CAC 40 is off 0.13% and London's FTSE 100 is lower by 0.12%.

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