Nifty Auto falls over 1% Metal stocks lead fall, Nifty Metal index down over 3% Sectoral Trend Sensex heatmap Markets at Close The S&P BSE Sensex ended at 33,747, down 300 pts while the broader Nifty50 index settled at 10,358, down 99 points Geojit on Larsen & Toubro We project Sales/PAT CAGR of 12.2/17.5% over FY17-20E. Recovery in domestic business, strong order pipeline, sale of non-core assets, focus on improving RoE & working capital and healthy execution of large order backlog will drive the stock going forward. Hence, we upgrade the stock to BUY as we roll forward our valuation to FY20 with a SOTP based TP of Rs. 1,515.
The domestic indices ended nearly 1% lower on Monday taking cues from its Asian counterparts.
The S&P BSE Sensex ended at 33,747, down 300 pts while the broader Nifty50 index settled at 10,359, down 99 points.
Among sectoral indices, the Nifty Metal index settled 3.28% lower led by a fall in shares of Jindal Steel & Power, Jindal Stainless (Hisar) and Steel Authority of India Limited. The Nifty Auto index too slipped 1.57% due to a fall in Tata Motors and Motherson Sumi Systems.
US President Donald Trump said on Thursday that he would impose tariffs on imports of steel and aluminium products, in a move he said would protect US industry. Experts say the move could hurt US producers and face legal challenges from trade partners.
Asian investors dumped shares and drove to the safety of the yen and gold on Monday amid fears of a global trade war and worries of political uncertainty in Italy, risks that cloud the outlook for world growth.
(with wire inputs)