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The Nifty PSU Bank index finished down 2.09% today. Best losers:
COMPANY
LATEST
PREV CLOSE
LOSS()
LOSS(%)
ALLAHABAD BANK
41,40
44,90
-3.50
-7.80
UNION BANK (I)
82.35
85.75
-3.40
-3.97
CANARA BANK
249.10
259.40
-10.30
-3.97
BARODA BANK
116.70
121.50
-4.80
-3.95
EASTERN BANK
75.45
78.45
-3.00
-3.82
Nifty sectoral losers of the day
BSE Sensex: Best Newsys Winner of the Day, Tata Motors, ICICI Bank's Big Losers
Market nearby
The Sense & Sensex BSE index closed at 35,470, down 219 points, while the Nifty50 index stood at 10,762, down 59 points.
Tata Motors falls 5% on fears of auto fare fears in the US
Tata Motors dropped 5% to Rs 292 on BSE in intraday trade, due to fears of the US auto tariff threat on European cars. Stock trading near its 52-week low of Rs 582 touched May 31, 2018 on BSE in intraday trade. READ MORE
ICICI Securities on Heritage Foods
We came back positive after meeting with Heritage Foods management. All of the company's initiatives such as 1) yogurt factory, 2) Alpenvie premium ice cream and 3) animal feed companies are on the right track. With the drop in milk prices, we expect the company to post better margins during fiscal year 19. We expect Heritage to report revenue and a CAGRAP of 17.6% and 58.8% over the 18-20 years with an adjusted RCCE ratio higher than the cost of capital and retains the SHARE price with a target price of 860 rupees (29x EF20E).
The benchmark indexes ended lower as Asian stocks started cautiously this week amid lingering worries over escalating trade tensions as US oil prices have maintained their gains after the main currencies hit. oil producers have agreed on a modest increase in production.
The Sense & Sensex BSE index closed at 35,470, down 219 points, while the Nifty50 index stood at 10,762, down 59 points. Tata Motors was the main Sensex loser who finished nearly six percent lower at Rs 290, followed by ICICI Bank, Coal India, Adani Ports and Larsen & Toubro.
Among sector indices, the Nifty PSU Bank index ended down about 2%, driven by lower shares of Allahabad Bank, Union Bank of India and Canara Bank. .
GLOBAL MARKETS
Global stocks fell on Monday, weighed down by worries about the worsening trade dispute between the United States and other major economies, while oil prices have dropped some of the gains made after a modest increase in the production.
The S & P500's mini-futures dropped 0.6%, while the MSCI's broader Asia-Pacific index off Japan fell 0.95% to 6 – 12 months. The Japanese Nikkei lost 0.8%.
Oil lost some of the gains on Friday after OPEC and non-OPEC producers agreed to a modest increase in production from the month on next. However, they have not announced a clear target for higher production, leaving traders guessing how many others will actually be pumped.
OPEC and non-OPEC countries said in a statement that they would increase supply by returning to 100 percent compliance with previously agreed production cuts, after months of underproduction.
US crude oil futures were trading at $ 68.64 a barrel, up 0.1 percent the day after Friday's 4.6 percent rally. The international benchmark Brent, however, fell 1.2% to 74.61 dollars a barrel, abandoning nearly half of its gains Friday.
(With contributions from Reuters)
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