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Sensex falls; auto makers hit as November sales slump
Indian shares fell 1 percent on Friday and were poised to end the week flat as auto makers dropped on sharp declines in monthly sales and wireless providers were hit by worries about intensifying competition. Sentiment was also muted ahead of the release of the U.S. monthly jobs data, a
Indian shares fell 1 percent on Friday and were poised to end the week flat as auto makers dropped on sharp declines in monthly sales and wireless providers were hit by worries about intensifying competition.
Sentiment was also muted ahead of the release of the U.S. monthly jobs data, a referendum in Italy over its constitution, and the Reserve Bank of India's policy review next week.
"Primary reason is non-farm (payrolls) data which is causing some concern apart from the Italian referendum on Sunday," said Dipen Shah, senior vice president, private client group research, Kotak Securities.
The broader NSE Nifty was down 0.95 percent at8,115.20 as of 0620 GMT, dragged down by financials, and was flat for the week.
The benchmark BSE Sensex was 0.91 percent lower at 26,318.80, and was set for a flat end to the week.
Auto makers fell after they reported monthly domestic sales in November plunged from a month earlier as an intense cash crunch brought a recent recovery in consumer demand to a screeching halt.
Mahindra & Mahindra (MAHM.NS) fell 1.05 percent, TVS Motor (TVSM.NS) dropped 2.05 percent, and Bajaj Auto (BAJA.NS) declined 0.55 percent.
Telecom companies continued to languish after Reliance Industries (RELI.NS) on Thursday extended an offer of free data and voice services by its telecoms unit, Jio, raising concerns about the cut-throat competition in the sector.
Idea Cellular (IDEA.NS) declined as much as 2.40 percent.
Banks fell on caution ahead of the RBI's policy decision next week. Kotak Mahindra Bank (KTKM.NS) dropped 3.12 percent and Housing Development Finance Corp (HDFC.NS) declined 2.12 percent.
