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MARKET WRAP: Sensex dips 219 points; Tata Motors, ICICI Bank top losers

Among sectoral indices, the Nifty PSU Bank index ended around 2% lower led by a fall in the shares of Allahabad Bank, Union Bank of India and Canara Bank.

SI Reporter  |  New Delhi 

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Representative image

Nifty PSU Bank index ended 2.09% lower today. Top 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 BANK OF BARODA 116.70 121.50 -4.80 -3.95 ORIENTAL BANK 75.45 78.45 -3.00 -3.82 Nifty sectoral losers of the day BSE Sensex: Infosys top gainer of the day, Tata Motors, ICICI Bank top losers Market at close   The S&P BSE Sensex ended at 35,470, down 219 points while the broader Nifty50 index settled at 10,762, down 59 points. Tata Motors falls 5% on concerns of auto tariff fears in US Tata Motors dipped 5% to Rs 292 on the BSE in intra-day trade amid concerns of auto tariff threat by US on European Cars. The stock trading close to its 52-week low of Rs 582 touched on May 31, 2018 on the BSE in intra-day trade. READ MORE ICICI Securities on Heritage Foods We came back positive after meeting management of Heritage Foods. The company’s all the initiatives such as 1) yoghurt plant, 2) Alpenvie premium ice creams and 3) animal feed business are on track. With fall in milk prices, we expect the company to report better margins in FY19. We expect Heritage to report revenue and PAT CAGR of 17.6% and 58.8% over FY18-20 with adjusted RoCE above cost of capital and retain BUY rating with target price of Rs 860 (29x FY20E).

Benchmark indices ended lower following Asian shares, that got the week off to a cautious start on Monday amid lingering concerns about escalating trade frictions while US maintained hefty gains made after major oil producers had agreed on a modest increase in production.

The S&P BSE ended at 35,470, down 219 points while the broader Nifty50 index settled at 10,762, down 59 points. Tata Motors was the top loser that ended nearly six per cent lower at Rs 290 levels, followed by ICICI Bank, Coal India, Adani Ports and Larsen & Toubro.

Among sectoral indices, the PSU Bank index ended around 2% lower led by a fall in the shares of Allahabad Bank, Union Bank of India and Canara Bank.

GLOBAL MARKETS

World shares fell on Monday, dented by worries over a worsening trade dispute between the United States and other major economies, while gave up some of the gains made after major exporters agreed a modest production increase.

S&P500 mini futures fell as much as 0.6 per cent while MSCI's broadest index of Asia-Pacific shares outside Japan fell 0.95 per cent to 6-1/2-month lows. Japan's Nikkei lost 0.8 per cent.

OIL PRICES

Oil shed some of the gains posted on Friday after and non-producers agreed a modest increase in production from next month. They did not however announce a clear target for the output hike, leaving traders guessing how much more will actually be pumped.

and non-OPEC said in a statement they would raise supply by returning to 100 percent compliance with previously agreed output cuts, after months of underproduction.

U.S. crude futures traded at $68.64 per barrel, up 0.1 per cent for the day after Friday's 4.6 percent rally. International benchmark Brent fell 1.2 per cent, however, to $74.61 per barrel, giving up nearly half of its gains made on Friday.

(With Reuters inputs)

First Published: Mon, June 25 2018. 08:15 IST
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MARKET WRAP: Sensex dips 219 points; Tata Motors, ICICI Bank top losers

Among sectoral indices, the Nifty PSU Bank index ended around 2% lower led by a fall in the shares of Allahabad Bank, Union Bank of India and Canara Bank.

Benchmark indices ended lower following Asian shares, that got the week off to a cautious start on Monday amid lingering concerns about escalating trade frictions while US maintained hefty gains made after major oil producers had agreed on a modest increase in production.

The S&P BSE ended at 35,470, down 219 points while the broader Nifty50 index settled at 10,762, down 59 points. Tata Motors was the top loser that ended nearly six per cent lower at Rs 290 levels, followed by ICICI Bank, Coal India, Adani Ports and Larsen & Toubro.

Among sectoral indices, the PSU Bank index ended around 2% lower led by a fall in the shares of Allahabad Bank, Union Bank of India and Canara Bank.

GLOBAL MARKETS

World shares fell on Monday, dented by worries over a worsening trade dispute between the United States and other major economies, while gave up some of the gains made after major exporters agreed a modest production increase.

S&P500 mini futures fell as much as 0.6 per cent while MSCI's broadest index of Asia-Pacific shares outside Japan fell 0.95 per cent to 6-1/2-month lows. Japan's Nikkei lost 0.8 per cent.

OIL PRICES

Oil shed some of the gains posted on Friday after and non-producers agreed a modest increase in production from next month. They did not however announce a clear target for the output hike, leaving traders guessing how much more will actually be pumped.

and non-OPEC said in a statement they would raise supply by returning to 100 percent compliance with previously agreed output cuts, after months of underproduction.

U.S. crude futures traded at $68.64 per barrel, up 0.1 per cent for the day after Friday's 4.6 percent rally. International benchmark Brent fell 1.2 per cent, however, to $74.61 per barrel, giving up nearly half of its gains made on Friday.

(With Reuters inputs)

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