Stock Market LIVE: Sensex, Nifty open lower; Rupee hits record low

Indian benchmark indices BSE Sensex and NSE’s Nifty 50 declined for a second day on Thursday as escalating trade war concerns continued to pressure global stocks. The Indian rupee slipped to a record low against the US dollar, following further spike in oil prices and concerns of higher inflation and widening fiscal deficit. Asian stocks slumped to nine-month lows on growing worries the US administration’s approach to trade is harming global economic growth.Tata Steel shares rise over 1%Tata Steel Ltd shares rose 1.10% to Rs549.20 after Reuters reported that the company and Thyssenkrupp AG are nearing a €15 billion ($17.4 billion) deal this week to combine their European assets into a global steel giant. Tata Steel Europe’s labour representatives are also close to approving the deal, added the report.Shares of OMC, aviation and tyre companies fall as oil prices riseShares of Oil marketing companies, aviation and tyre companies fell after international crude oil prices spiked further. Hindustan Petroleum Corp Ltd fell 5%, Bharat Petroleum Corp Ltd declined 5%, Indian Oil Corp Ltd 4%. Among Aviation companies, Jet Airways India Ltd slipped 2%, SpiceJet Ltd 2.2%, Indigo 1.1%. Among Tyre stocks, MRF Ltd fell 0.2%, Apollo Tyres Ltd 3%, JK Tyre & Industries Ltd 2.2%.Get Free Trial click here
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