Benchmark indics extended the losses and trading at day’s low with Nifty around 17550.
The Sensex was down 646.06 points or 1.08% at 59000.09, the Nifty was down 197.40 points or 1.11% at 17561.10. About 1069 shares have advanced, 2042 shares declined, and 140 shares are unchanged.
Nomura sees 19% downside in Zomato
Nomura Financial Advisory and Securities Limited initiated coverage on Zomato with a “reduce” rating a target price 19 percent lower than the prevailing price, saying a double-digit contribution margin in food delivery is a tough task.
Target price at Rs 50, following which the stock fell more than a percent to trade at Rs 60.75 on BSE on August 22 morning.
Crude Oil rates
Crude oil prices slipped nearly 1.50% last week and WTI slipped below $90 per barrel on a weekly closing basis amid strong gains in the dollar index and global recession fears.
The dollar index surged and reached six week highs amid aggressive interest rate hike plans of the U.S. Federal Reserve. Strength in the dollar index and the U.S. bond yields pushed oil prices lower. Crude oil also plunged amid downbeat economic data from China, EU and UK.
The US-Iran nuclear deal talks also pushed oil prices lower last week.
However, record exports by the United States and a surprise decline in the oil inventories by more than 7 million barrels supported prices at lower levels.
Crude oil prices also hold their support levels after OPEC+ said it will cut output from September if prices remain lower due to weak global oil demand.
Paytm stock rises 4%
Shareholders of One97 Communications, which operates under the Paytm brand, have approved the re-appointment of Vijay Shekhar Sharma as managing director and chief executive officer of the company.
According to the scrutinizer report filed by the firm on Sunday. The stock rose 3.65 per cent to Rs 800 on BSE.
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