Indian share markets ended lower on Monday taking cues from its Asian counterparts. At the closing bell, Sensex lost 300 points and the Nifty declined 99 points.

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.

Global Stock Market Drivers

Investor nerves remained on show across global stock markets Monday amid continued fretting about the potential for a trade war. The dollar held steady and Treasuries gained, while Italian bonds dropped as the nation headed toward a hung parliament.

European shares advanced following four days of losses, but equity gauges from Tokyo to Sydney slumped during the Asian trading session amid worries about the implications of US tariffs for the world's economy.

Here are some key events coming up this week:

• The Chinese People's Political Consultative Conference runs through March 15 and overlaps with the National People's Congress meetings in Beijing, through March 20.
• The Bank of Japan deputy governors' confirmation hearings will be held.
• Reserve Bank of Australia monetary policy decision to be out today, with GDP data due Wednesday.
• As per Bloomberg, the ECB isn't expected to change policy on Thursday, but the Governing Council may discuss a change to pave the way for the end of quantitative easing.
• BOJ monetary policy decision and briefing on Friday.
• US monthly payrolls data.

IPO Buzz

Devi Sea Foods Ltd has filed for an initial public offering, with an aim to raise Rs 9 billion. Axis Capital, ICICI Securities, Kotak Mahindra Capital are the book running lead managers to the IPO.

From Commodities Space

Oil prices rose on Monday ahead of a meeting between OPEC and US shale firms in Houston, raising expectations that oil producers would discuss further how to clear a global oil glut.

International benchmark Brent crude was up 19 cents, or 0.3%, at US$64.56 a barrel. US West Texas Intermediate (WTI) crude rose 17 cents, or 0.28%, to US$61.42 per barrel.

Indian Share Market Update: Top Gainers and Losers