Market at day's low, auto shares under pressure

The headline equity indices extended losses and hit the day's low in mid-afternoon trade. The Nifty traded below the 24,550 mark after hitting the days high of 24,854.80 in early trade. Auto shares witnessed profit booking after advancing in the past three trading sessions.

At 14:30 IST, the barometer index, the S&P BSE Sensex, was down 697.68 points or 0.87% to 80,646.41. The Nifty 50 index declined 254.50 points or 1.03% to 24,546.35.

The Sensex and Nifty clocked an all-time high of 81,587.76 and 24,854.80, respectively in early trade.

The broader market underperformed the frontline indices. The S&P BSE Mid-Cap index slumped 2.24% and the S&P BSE Small-Cap index fell 2.02%.

Sellers outnumbered buyers. On the BSE, 909 shares rose and 2,968 shares fell. A total of 103 shares were unchanged.

Buzzing Index:

The Nifty Auto index declined 1.97% to 25,073.75. The index rallied 1.17% in past three consecutive trading sessions.

Samvardhana Motherson International (down 5.1%), Apollo Tyres (down 3.78%), MRF (down 3.03%), Bosch (down 2.85%), Tata Motors-DVR (down 2.65%), Tata Motors (down 2.51%), Bajaj Auto (down 2.09%), Eicher Motors (down 1.83%), Mahindra & Mahindra (down 1.79%) and Hero MotoCorp (down 1.77%) declined.

Numbers to Track:

The yield on India's 10-year benchmark federal paper was up 1.78% to 7.090 as compared with previous close 6.966.

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 83.6450, compared with its close of 83.6375 during the previous trading session.

MCX Gold futures for 5 August 2024 settlement was down 0.90% to Rs 73,490.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was up 0.14% to 104.32.

The United States 10-year bond yield grew 0.29% to 4.199.

In the commodities market, Brent crude for September 2024 settlement added 04 cents or 0.05% to $85.15 a barrel.

Stocks in Spotlight:

JSW Infrastructure dropped 5.40% after the company reported 8.87% fall in net profit to Rs 292.44 crore in Q1 FY25 as against Rs 320.89 crore recorded in Q1 FY24. Revenue from operations fell 2.98% quarter on quarter (QoQ) to Rs 2,461.9 crore in the quarter ended 30 June 2024.

L&T Technology Services (LTTS) rose 1.29%. The companys consolidated net profit fell 8.01% to Rs 313.6 crore in Q1 FY25 as compared with Rs 313.6 crore in Q4 FY24. Revenue from operations fell 2.98% quarter on quarter (QoQ) to Rs 2,461.9 crore in the quarter ended 30 June 2024.

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