INSUBCONTINENT EXCLUSIVE:
NEW DELHI: Headline indices Sensex and Nifty finished Monday's trade with deep losses, tracking weak global cues, as worries of trade war
war concern and FO expiry led volatility impacted the market sentiment
Drop in oil prices on account of increase in production will provide some relief to Indian markets in the near term
Nair, Head of Research, Geojit Financial Services.
Winding up Monday's lacklustre session, the BSE Sensex closed at 35,470, down 219
points or 0.61 per cent.
Nifty pared 59 points, or 0.55 per cent, to finish day's trading at 10,762.
Overall, 14 stocks remained in the
green in the Nifty index, compared with 35 in the red and one unchanged.
Sensex settled with 7 stocks advancing and 24 declining.
BSE Midcap
and smallcap indices tanked more than Sensex, falling 0.80 per cent and 0.89 per cent, respectively.
Tata Motors, with a loss of 5.94 per
cent, emerged as the top Sensex loser.
CLSA has retained sell rating on Tata Motors with a target price of Rs 295
The brokerage remains concerned about Tata Motors' arm JLR given a weak volume outlook, rising competition in SUVs and cash flow
pressure.
ICICI Bank, with a loss of 3.79 per cent, was up next in the line of Sensex losers
In a BSE Filing on Friday, the bank made its stand clear on allegations made by a whistleblower on irregularities in loan provisioning.
The
Global financial firm Morgan Stanley raised the target price of the stock to 1,360 rupees from 1,261 rupees.
Shares of PNB Housing Finance
rallied over 14 per cent on the buzz that HDFC and Kotak Mahindra Bank were competing for a controlling stake in the firm
However, the company later denied any such development.
BSE IT and teck bucked the trend, settling in the green, while all other sectoral
indices closed the day with losses.
World shares fell on Monday, dented by worries over a worsening trade dispute between the United States
and other major economies, Reuters reported.
