Benchmark indices extended sell-off on heavy losses in metal, auto, oil & gas, banking and PSU stocks after US President Donald Trump fuelled concerns of a global trade war.
The 30-share BSE Sensex was down 295.79 points or 0.87 percent at 33,751.15 and the 50-share NSE Nifty declined 102.30 points or 0.98 percent to 10,356.10.
All sectoral indices led by metal, auto, oil & gas banking and PSU stocks were trading in the negative terrain.
The Nifty metal index extended its morning loses and was trading lower by 2.8 percent dragged by Hindalco Industries, JSW Steel, JSPL, NMDC, SAIL, Tata Steel and Welspun Corp.
Reliance Infrastructure, along with its subsidiary issued an arbitration notice against founder promoters of Pipapav Defence and Engineering for claims aggregating to Rs 5,440.38 crore for breach of warranties under the purchase agreement.
On March 4, 2015, RInfra, its subsidiary Reliance Defence Systems (RDSPL) and the founder promoters of Pipapav Defence and Engineering entered an agreement for acquisition of shares of Pipapav Defence and Engineering, which is now being named Reliance Naval and Engineering Ltd (RNEL).
VK Sharma, Head - PCG and Capital Market Strategy at HDFC Securities in an interveiw to CNBC-TV18, suggests which stocks to pick today for good returns:
NIIT Technologies: Buy 880 Call at around Rs 30, keeping a stop loss at Rs 24 and a target of Rs 45.
Ashok Leyland: Expect the buyoncy in the stock to continue as 14 percent of Open Interest has been added in the current series.
Buy 142.5 Call at Rs 3, keeping stop loss at Rs 1.75 and a target of Rs 5.5.
IndusInd Bank: Buy 1720 Call at Rs 20, keeping a stop loss at Rs 14 and a target of Rs 30.
Reliance Infrastructure: Buy 440 Put at Rs 17, keeping stop loss at Rs 13 and target of Rs 25.
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