 "Auto shares shrug off weak market trend")
Markets ended lower for the sixth straight session on Monday with select financials and pharma shares leading the decline.
The 30-share Sensex provisionally ended down 120 points at 26,537 and the 50-share Nifty ended down 15 points at 8,051.
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(Updated at 2:15pm)
Benchmark share indices were trading with losses, amid weak European cues, even as select auto shares firmed up after encouraging October sales. However, select financials and capital goods shares were trading lower after weak manufacturing data.
At 2:15pm, the Sensex was down 220 points at 26,437 and the Nifty eased 53 points at 8,012.
In the broader markets, BSE Midcap and Smallcap indices slipped between 0.4-0.7%. Market breadth is weak with 1,605 losers and 886 gainers.
The Nikkei Manufacturing Purchasing Managers' Index, compiled by Markit, fell to 50.7 in October from September's 51.2. The 50-mark divides expansion from contraction
On the global front, China's factory activity declined for the eighth straight month in October, according to a private survey on Monday, highlighting weakness in the world's second-largest economy.
The Indian rupee weakened further to Rs 65.52 amid demand for the US dollar from banks and importers.
SECTORS & STOCKS
BSE Metal index was the top loser down 1.9% along with Capital Goods, Healthcare and Power indices.
Maruti Suzuki was up 0.7%. The auto major today reported a 29.1% rise in total sales in October at 1,34,209 units as against 1,03,973 units in the same month a year ago.
Mahindra & Mahindra was up nearly 3% after automaker reported 20% year on year (YoY) growth in total sales of 51,383 units in the month of October 2015. It had sold 42,780 units in the same month year ago.
However, Bajaj Auto slumped 5% after the company reported 8.6% drop in total sales at 3,52,822 units in October 2015 compared with 3,86,017 units in October 2014.\
Metal shares dropped after weak economic data from China. Vedanta, Hindalco and Tata Steel were down 3-4% each.
ICICI Bank was up 0.7%. The bank's September quarter met analysts expectations on Friday with standalone profit increasing 11.8 percent year-on-year to Rs 3,030 crore, aided by revenue, other income and operating profit.
Sun Pharmaceuticals dipped over 3% as its profits and revenue is likely to be adversely impacted due to the temporary supply constraints at its Halol facility and charges arising out of Ranbaxy integration as well as remedial actions.
Larsen and Toubro was down 2% after the engineering major slashed its full-year growth forecast for both order intake and revenue because of a subdued domestic market and a slowdown in the Middle East.
Among other shares, IPCA Laboratories was down nearly 3% at Rs 760 on the Bombay Stock Exchange after the company's net profit for the quarter ended September 30, 2015 slumped nearly 81% to Rs 11.7 crore compared with Rs 61.3 crore in the corresponding quarter last fiscal on the back of lower sales.
JK Cement was down over 3% after the company reported nearly 58% drop in net profit at Rs 13.7 crore for the quarter ended September 30, 2015 compared with Rs 32.3 crore in the corresponding quarter last fiscal because of rise in finance costs.
