Nifty below 11,100; auto stocks decline

Key equity barometers further extended losses and hit fresh intraday low in mid-afternoon trade. At 14:26 IST, the barometer index, the S&P BSE Sensex, fell 282.68 points or 0.75% at 37,451.40. The Nifty 50 index lost 77.25 points or 0.69% at 11,076.40.

In the broader market, the S&P BSE Mid-Cap index slipped 0.82% while the S&P BSE Small-Cap index shed 0.73%.

The market breadth was weak. On the BSE, 945 shares rose and 1590 shares fell. A total of 155 shares were unchanged.

Buzzing Index:

The Nifty Auto index slid 0.62% to 7,647.75. The index has lost 6.3% in three sessions.

Tata Motors (down 2.33%), Ashok Leyland (down 1.54%), Mahindra & Mahindra (down 1.39%), TVS Motor Company (down 1.07%), Hero MotoCorp (down 0.99%) and Bajaj Auto (down 0.49%) tumbled.

Stocks in Spotlight:

Majesco added 3.28% to Rs 803.55. On Tuesday, 22 September 2020, Unifi Wealth Management bought 2.06 lakh equity shares (0.71% equity) of Majesco at Rs 779.05 per share via bulk deal on the NSE.

Repco Home Finance rose 4.04% to Rs 163.60. On Tuesday, 22 September 2020, Fidelity Funds - Asian Smaller Companies Pool bought 4.20 lakh equity shares (0.67% equity) of Repco Home Finance at Rs 150.33 per share via bulk deals on the NSE. As of 30 June 2020, Fidelity Funds - Asian Smaller Companies Pool held 1.52% stake in Repco Home Finance.

Shares of two Shapoorji Pallonji Group were in demand after the group on Tuesday said it is willing to exit its decades-old position in Tata Sons.

The Shapoorji Pallonji (SP) Group, the largest minority shareholder with 18.37% stake in Tata Sons, on Tuesday said it is time to separate from Tata to end a relationship that has spanned over 70 years. Tata Sons is the holding company of Tata Group. According to reports, the market value of SP Group's stake in the listed entities of Tata Group is estimated to be around Rs 1,48,000 crore going by the market capitalization of all listed Tata Group firms.

Consequently, Sterling & Wilson Solar (up 20%) and Forbes & Company (up of 5%) rallied.

Numbers to Track:

In the foreign exchange market, the partially convertible rupee edged higher to 73.575 compared with its previous closing 73.585.

The yield on 10-year benchmark federal paper fell to 5.991% compared with previous closing of 6.010% in the previous trading session.

MCX Gold futures for 5 October 2020 settlement fell 1.24% to Rs 49,755.

In the commodities market, Brent crude for November 2020 settlement rose 16 cents to $41.88 a barrel. The contract gained 0.67% or 28 cents to settle at $41.72 in the previous trading sessions.

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