Business

Sensex, Nifty: Thirty four stocks on the 50-scrip Nifty index finished in the negative zoneThe stock markets started the week on a lower note, with the BSE Sensex falling 159 points to close at 35,264.
National Stock Exchange (NSE) benchmark index Nifty shed 57 points to settle at 10,657.
The indices were dragged lower by a selloff witnessed in metal stocks, with the NSE's sectoral index for metal stocks - Nifty Metal - declining 1.8 per cent.
Profit booking in largecap stocks caused some correction, analysts said.
Weak global market sentiment fuelled by renewed trade tensions between the US and its trading partners continuedto be a key concern for investors, thus adding to the fall in domestic equity markets.
However, the downside was limited due to some buying witnessed in IT stocks.Here are 10 things to know about Monday's trading session:1.
Thirty four stocks on the 50-scrip Nifty index finished in the negative zone.2.
Top laggards were Hindalco Industries, Adani Ports, NTPC and Bharti Airtel, ending with losses of between 3 per cent and 3.5 per cent.3."Nifty is not giving away any cue while continued fall on broader front has pushed the bulls completely on the back foot.
At the same time, it has resulted in oversold positions too.
So possibility of intermediate rebound can't be ruled out," said Jayant Manglik, president, Religare Broking.
He reiterated advice to keep a close watch on global markets for further signals.4.
"Profit-booking is seen in the largecap spacewhere there is a little bit of correction," news agency Reuters cited Siddharth Sedani, vice president, head equity advisory, Anand Rathi, as saying.Developments on the global front are impacting cyclical sectors like metals, oil gas, he added.5.Among metal stocks,Jindal Steel declined 7.8 per cent, Nalco 4.3 per cent, JSW Steel 4.1 per cent, and SAIL 3.9 per cent.
Shares in Tata Steel, which signed an agreement with Germany's Thyssenkrupp last week to establish a long-expected steel joint venture, ended 1.5 per cent lower.
The largest deal in Europe's steel industry since the takeover of Arcelor by Mittal in 2006 - the 50-50 joint venture 'Thyssenkrupp Tata Steel' - will have about 48,000 workers and about 17 billion euros ($19.9 billion) in sales.6.
Auto stocks rose briefly after strong monthly sales data from some automakers, but failed to end the day with a gain.Hero MotoCorp declined 2 per cent while Tata Motors fell 1 per cent.
Maruti Suzuki India fell 0.2 per cent.7.
IT stocks provided some support to the broader indices, with a 0.6 per cent rise in the NSE sectoral index.
Infosys settled at a gain of 2.3 per cent.
Infosys was also the top gainer on the Nifty.8.
Meanwhile, the Nikkei Manufacturing Purchasing Managers' Index, compiled by IHS Markit, rose to 53.1 in June from May's 51.2, the highest since December.
That showed factory activitycontinuedgrowth for the eleventh straight month, and pointed at strong economic activity in the June quarter, after Asia's third-largest economy grew at its quickest pace in nearly two years in January-March.IHS Markit however made no mention of increasing global trade tensions, which are worrying manufacturers in many countries.9.
Foreign portfolio investors (FPIs) sold shares worth a net Rs 157.15 crore, while domestic institutional investors (DIIs) bought equities to the tune of Rs 2,262.83 crore on Friday, according to provisional data from the NSE.10.
Asian share markets were weighed down by fresh losses in China and crude was seen taking a spill after US President Donald Trump tweeted that Saudi Arabia had agreed to lift oil production by "maybe up to 2,000,000 barrels".
(With agency inputs)





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