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The stock market closed the last trading session of the week with strong losses, weighed by weak global stocks. The barometer index, Sensex fell 407.40 points or 1.18% to settle at 34,005.76. The Nifty 50 index declined 121.90 points or 1.15% to settle at 10,454.95. The Nifty hit lowest closing level in more than five weeks.

Market sentiment was negative amid weakness in European and Asian stocks after a rout on Wall Street overnight amid rising interest rates. Private sector banks and telecom stocks declined. Index heavyweight HDFC and software major Infosys dropped. Metal stocks bucked weak trend.

IndusInd Bank fell 1.1%. The bank announced the launch of the ‘All-in-one store’ in partnership with Tapzo, India’s leading app aggregator. The ‘All-in-one store’ is the first of its kind offering launched by any bank which will allow users of the banking app to access multiple m-commerce services via native API integrations i.e. without redirecting to merchant apps, IndusInd Bank said. With native integrations the bank will be able to provide highly personalized and seamless experiences for various services, it added. The announcement was made after market hours yesterday, 8 February 2018.

HPCL was down 1.34% at Rs 395.15. The company’s net profit rose 22.59% to Rs 1949.69 crore on 13.27% growth in income from operations to Rs 62831.71 crore in Q3 December 2017 over Q3 December 2016. The results were announced during market hours today, 9 February 2018.

Steel Authority of India surged 9.12% after the company reported net profit of Rs 43.16 crore in Q3 December 2017 as compared to net loss of Rs 794.84 crore in Q3 December 2016. Total income rose 35.85% to Rs 15443.13 crore. The result was announced after market hours yesterday, 8 February 2018.

Overseas, European stocks dropped as investors geared up for earnings, while keeping an eye on the turbulence seen across markets worldwide. The Bank of England (BoE) yesterday, 8 February 2018 said it is likely to raise interest rates earlier and faster than previously expected to damp the effects of a stronger global economy on UK inflation. All nine members of the bank’s Monetary Policy Committee agreed a statement that the central bank was no longer willing to tolerate inflation above its 2% target over the next three years, reports suggested.

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