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Auto stocks take sheen off markets
Ending two-day winning streak, stock markets closed lower on Wednesday following sell-off in auto stocks after some popular car models failed safety crash test. Weak global cues also impacted the market sentiment.
Sensex sheds 69 points while Nifty down 21 points
Mumbai: Ending two-day winning streak, stock markets closed lower on Wednesday following sell-off in auto stocks after some popular car models failed safety crash test. Weak global cues also impacted the market sentiment.
Country's largest carmaker Maruti Suzuki plunged 0.81 per cent to Rs 3,917 after the firm's Celerio and Eeco models failed crash test by safety group Global NCAP. Besides, the parent company, Suzuki, admitting to using improper fuel economy testing methods had a bearing on its shares.
Mahindra & Mahindra succumbed 1.59 per cent to Rs 1,320.10 while the overall BSE auto index tanked 1.28 per cent. The benchmark BSE Sensex opened lower and stayed in the red and touched a low of 25,503.40 largely in tune with weak global shares.
However on emergence of buying in SBI, ONGC and L&T, later it trimmed losses and finally settled 69 points or 0.27 per cent lower at 25,704.61. It had gained 284.04 points in the last two sessions. The NSE 50-share Nifty also went down by 20.60 points or 0.26 per cent to close at 7,870.15.
In broader markets, the BSE's small-cap index ended 0.22 per cent higher while mid-cap shed 0.01 per cent. Out of the 30-share Sensex, 21 scrips fell while ICICI Bank ended steady. Major losers were Bajaj Auto (1.85 pc), Hero MotoCorp (1.47 pc), Tata Motors (1.26 pc), BHEL (1.16 pc), HDFC Bank (1.10 pc), HUL (0.97 pc), and TCS (0.77 pc).
However, ONGC rose 1.83 per cent followed by SBI 1.78 per cent. Among BSE sectoral indices, utilities fell 0.35 per cent followed by power 0.33 per cent, teck 0.31 per cent and consumer durables 0.28 per cent. While realty rose 2.11 per cent followed by capital goods 0.64 per cent and metal 0.61 per cent. The market breadth turned negative as 1,319 stocks ended lower, 1,228 closed higher while 190 ruled steady.
Global trading sentiment was subdued as Asian markets retreated following overnight sharp sell-off in the US as a better-than-expected data fuelled speculations the Fed could raise interest rates as soon as next month. Japan's Nikkei ended 0.05 per cent lower. Hong Kong's Hang Seng finished 1.45 per cent down while Shanghai Index fell 1.27 per cent. Europe was down too.
