Indices trade with minor cuts, auto stocks decline

The domestic equity barometers traded near the flat line with minor cuts in mid-afternoon trade. The Nifty traded below the 18,400 level. Trading was volatile due to the expiry of weekly index options on the NSE today. Bank stocks were in demand while consumer durables, auto and IT shares corrected.

At 14:30 IST, the barometer index, the S&P BSE Sensex, was down 43 points or 0.07% to 61,937.72. The Nifty 50 index lost 17.95 points or 0.10% to 18,391.70.

In the broader market, the S&P BSE Mid-Cap index declined 0.28% while the S&P BSE Small-Cap index shed 0.22%.

The market breadth was negative. On the BSE, 1477 shares rose and 1,964 shares fell. A total of 132 shares were unchanged.

Numbers to Track:

The yield on India's 10-year benchmark federal paper declined to 7.256 as compared with 7.274 at close in the previous trading session.

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 81.5025, compared with its close of 81.2650 during the previous trading session.

MCX Gold futures for 5 December 2022 settlement shed 0.26% to Rs 52,923.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was down 0.06% to 106.21.

The United States 10-year bond yield rose 0.68% to 3.719.

In the commodities market, Brent crude for January 2023 settlement added 9 cents or 0.10% to $92.77 a barrel.

Buzzing Index:

The Nifty Auto index fell 1.08% to 12,964.65. The index lost 1.45% in tow trading sessions.

Tube Investments of India (down 2.15%), Ashok Leyland (down 1.69%), Tata Motors (down 1.53%), Eicher Motors (down 1.52%), TVS Motor Company (down 1.48%), Sona BLW Precision Forgings (down 1.46%), Mahindra & Mahindra (down 1.35%), Maruti Suzuki India (down 1.35%), Bajaj Auto (down 0.92%), edged lower.

On the other hand, Balkrishna Industries (up 1.16%) ,Samvardhana Motherson International (up 1.11%) and Bharat Forge (up 0.63%) rose.

Tata Motors declined 1.53%. India's largest commercial vehicle manufacturer will supply the 52-seater fully built BS6 diesel buses in a phased manner, as per the contract. Tata Motors said the e-bidding process was carried out through the Government tender process. Tata Motors also offers its flagship initiative, Sampoorna Seva, a bouquet of service offerings including Repair Time Assurance, Breakdown Assistance, Insurance and Accidental Repair Time, Extended Warranty, and other add-on services for vehicle maintenance and upkeep.

Meanwhile, Thierry Bollortendered his resignation as the CEO of Jaguar Land Rover Automotive Plc, UK ("JLR"), a wholly owned subsidiary of Tata Motors, due to personal reasons, with effect from 31 December 2022.

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