BENGALURU - 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.
Below the current support, the Index also has a key support at 11,607, the 23.6% Fibonacci retracement level of the uptrend from Oct. 26, 2018 low to June 3 high.