Sensex, Nifty end over 1% lower; metal, oil stocks drag
Monday,
17-Jun-2019
04:37 PM (IST)
Indian shares ended more than 1% lower on Monday, dragged by metal and energy stocks, while the country’s move to slap retaliatory tariffs on certain U.S. goods stoked fears of a trade tiff between the two countries. The broader Nifty closed 1.28% lower at 11,672.15, while the benchmark Sensex was down 1.25% at 38,960.79. The indexes logged their worst closing levels since May 23. Tata Steel shares fell 5.7%, while broader Nifty metal index shed 2.9%. Reliance Industries closed down 2.7%. After falling as much as 1.4% in Monday’s trade, The Nifty closed above a support at 11,667.92, the 100% Fibonacci projection level of the correction from June 3 high to June 7 low (wave A). On Tuesday, the market may watch out if this level supports the index.
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