Among sectoral indices, the Nifty Metal index settled over 3% 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 over 1.5% due to a fall in Tata Motors and Motherson Sumi Systems.
US President Donald Trump said on that he would impose tariffs on imports of steel and aluminium products, in a move he said would protect US industry. Reportedly, the move could hurt US producers and face legal challenges from trade partners.
Top Stocks in Focus
Aurobindo Pharma share price will be in focus after the USFDA issued a Form 483 with nine observations after inspecting the company’s Unit 4 of Pashamylaram facility in Hyderabad.
Tata Motors share price will hog limelight due to weak JLR US sales and after US President Donald Trump threatens to a slap retaliatory tariff on European cars.
Oil and Natural Gas Corporation’s (ONGC) wholly owned subsidiary – ONGC Videsh has received an approval from the Government of Mozambique for the Development Plan for Golfinho-Atum natural gas field in the Area 1 block located in Mozambique.
Bharat Petroleum Corporation’s (BPCL) arm — Bharat PetroResources (BPRL) has received approval from the Government of Mozambique for the Golfinho-Atum Field Development Plan.
Service Sector Contracts in February
The Indian service sector’s output contracted in February, the first time since November, due to rising prices and decline in demand, the Nikkei India Services Business Activity Index showed on Monday.
The seasonally adjusted Index fell from 51.7 in January to 47.8 in February, its lowest level since August.
Accordingly, the seasonally adjusted Nikkei India Services PMI Business Activity Index declined to 47.8 in February from to 51.7 in January.