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Sensex extends decline; Tata Motors skids


By Tanvi Mehta

- Indian fell for a fourth straight session on Thursday, led by losses in financials and auto stocks, with weighing on the indexes after its first-quarter failed to meet expectations.

The automaker's fell as much as 7.2 percent to their lowest in over a year after the company's 42 percent rise in June-quarter profit, helped by a one-off gain related to changes to Jaguar Land Rover's pension plans, failed to please investors.

Global sentiment was largely weak with Asian stocks falling as investors fretted about the simmering tensions between the United States and North Korea.

"There are some stocks from which investors are shuffling their portfolio out, like pharma ... An element of profit-booking is also coming in which is causing nervousness, but nothing to be perturbed about," said Deven Choksey, promoter, KR Choksey.

The broader NSE was down 0.19 percent at 9,888.90 as of 0544 GMT, while the benchmark BSE was 0.18 percent lower at 31,739.23.

The Auto index fell as much as 2.2 percent, its biggest percentage loss in over two-and-a-half months. Tata Motors, and Motherson Sumi Systems pulled the index down, which has risen about 20 percent this year as of Wednesday's close.

Financial stocks continued their decline, with the Bank index dipping 0.5 percent and the PSU bank index losing as much as 1.9 percent.

Pharma index snapped its six-day losing streak after Aurobindo Pharma's first-quarter performance and management commentary boosted sentiment. The drugmaker's rose as much as 5.9 percent.

(Reporting by Tanvi Mehta in Bengaluru; Editing by Vyas Mohan)

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Thu, August 10 2017. 11:57 IST