INSUBCONTINENT EXCLUSIVE:
Stock market on Tuesday: Declines in banking, metal, auto and energy stocks dragged the indices lowerThe stock markets extended losses to a
second straight day, with the Sensex closing 294 points lower on Tuesday
Banking and financial services stocks slipped a day after the government proposed a plan to merge PSU lenders Vijaya Bank, Bank of Baroda
Indiabulls Housing Finance, Tata Motors, Hindustan Petroleum and Bajaj Auto, closing between 3 per cent and 4 per cent lower.The Nifty Bank
merge state-run Bank of Baroda, Vijaya Bank and Dena Bank, as part of efforts to tackle a pile of bad loans hurting the banking sector
merger plan failed to enthuse investors, and the steps announced by the government to curb rupee fall did not please the Street.The stock
markets also took weak cues from Asian peers, where equities fell, and copper prices eased after Washington announced new tariffs on Chinese
the world's two biggest economies.Tata Motors closed 3.5 per cent lower, a day after its unit Jaguar Land Rover said it would cut output at
a UK car plant post warnings on the impact of Brexit and diesel policy.(With agency inputs)
