Stocks end lower in volatile trade, metal and realty scrips drag
25/06/2019
Mumbai, Jun 24: Equity benchmark indices closed with marginal cuts on Monday, dragged down by metal, realty and auto stocks. A delay in monsoon, weak global cues, and rise in oil prices dampened the market sentiment further. The BSE S&P Sensex closed 72 points lower at 39,123 while the Nifty 50 was down 24 points at 11,700. At the National Stock Exchange (NSE), most sectoral indices were in the negative zone. Nifty metal was down 1.3 per cent, realty by 0.9 per cent and auto by 0.46 per cent.
Among stocks, JSW Steel slipped 3.4 per cent while Tata Steel was down 2.36 per cent. Eicher Motors showed a loss of 3.27 per cent while Bajaj Auto was dipped 2.14 per cent. ONGC also suffered a loss of over 3 per cent.
Two- and three-wheeler manufacturers are resisting the government's plan to ban internal combustion engine -powered vehicles of less than 150 cc by 2023 and 2025 respectively and replace them with electric vehicles.
The other losers were mining major Vedanta, Tech Mahindra, Britannia, and Dr Reddy. However, shares of Suzlon Energy surged 9.45 per cent after reports that the company has told Brookfield to acquire a majority stake in it. Meanwhile, Asian stock markets were mixed as investors monitored developments in the Middle East where the geopolitical situation is worsening by the day. Traders also awaited an expected meeting between US President Donald Trump and China's President Xi Jinping later this week on the sidelines of G-20 summit in Japan.
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