MARKET SUMMARY OF 17 JUN 2019

Benchmark indices slipped on Monday, dented by losses across sectors, after India slapped higher tariffs on certain US products in retaliation to Washington’s decision to remove certain trade privileges for New Delhi.

The government, after dragging its feet for almost a year, decided to increase tariffs on 29 high-value US agricultural and industrial imports by up to 50 per cent.The investor sentiment was further dampened by investor concerns over patchy monsoon and the government’s ability to bolster a slowing economy.The broader Nifty50 index dipped 151 points, or 1.28 per cent, to 11,672. About 685 shares on the NSE advanced, 1,847 declined, and 126 shares remained unchanged.In the broader market, the S&P BSE MidCap index settled at 14,531, down 190 points, or 1.29 per cent, while the S&P BSE Smallcap index skidded 193 points, or 1.35 per cent, to 14,173.BUZZING STOCKSShares of Reliance Infrastructure hit an over 28-year low of Rs 52.70, down 10 per cent on the BSE on Monday in the early morning trade after the auditors raised questions about the company’s ability to continue in business. The stock ended the day 4.72 per cent lower at Rs 56.50.Shriram Transport Finance Company shares dipped 6.54 per cent to Rs 1,014 on the National Stock Exchange on Monday after Piramal Enterprises sold its entire 9.96 per cent stake in the company through open market.Shares of New Delhi Televisionskid 8 per cent to Rs 32.10 during the early morning trade on the BSE on Monday, after markets regulator the Securities and Exchange Board of India banned the group chairman Prannoy Roy and director Radhika Roy from assessing the capital market for two years. However, the stock settled for the day at Rs 35, 0.57 per cent higher.