Sectoral trends on NSE S&P BSE Sensex: Top gainers and losers MARKET AT CLOSE The S&P BSE Sensex closed 175 points down at 34,299.47 while NSE's Nifty50 index dropped 47 points to settle at 10,301. NEWS ALERT International Energy Agency warns oil market is entering the red zone: News Reports Gold nudges up on risk aversion amid China worries Gold prices edged higher on Tuesday as risk appetite fell, with Asian stocks slipping to 17-month lows amid concerns over a potential slowdown in China's economic growth. Spot gold was up 0.2 per cent at $1,189.58 an ounce. On Monday, it fell 1.2 per cent, its biggest one-day percentage fall since Aug. 15, and also touched a more than one-week low of $1,183.19. US gold futures rose 0.4 per cent to $1,193.0 an ounce. READ MORE Govt denies media reports that OMCs might skip dividend payment this year EconomiC Affairs Secretary S C Garg said in a Twitter post on Tuesday that media reports claiming state-run oil marketing companies might skip dividend payments to government were false. Some TV channels had earlier in the day reported citing sources that Indian Oil Corporation (IOC), Hindustan Petroleum Corporation Ltd (HPCL) and Bharat Petroleum Corporation Ltd (BPCL) were likely to skip their dividend payout for 2018-19, causing a hit of Rs 80-100 billion. Read More
The S&P BSE Sensex ended at 34,299, down 175 points, while the broader Nifty50 index settled at 10,301, down 47 points.
Among the sectoral indices, the Nifty Auto index fell 2.6 per cent led by a sharp fall in Tata Motors. The Nifty FMCG index, too, fell 2 per cent dragged by ITC.
Shares of Tata Motors hit a near seven-year low of Rs 170.65 per share, down 19.8 per cent on the BSE in intraday trade on Tuesday, after the company-owned Jaguar Land Rover (JLR) on Monday, reported a 12.3% year on year (YoY) decline in global sales at 57,114 units in September, hit by lower demand in China. The stock was trading at its lowest level since December 19, 2011, on the BSE. It eventually settled 13 per cent lower at Rs 184 on the BSE.
Investor sentiment was also dampened after the company announced the shutdown of its West Midland plant for two weeks due to weak global demand.
The IMF added to the malaise by cutting forecasts of global growth for both this year and next, including downgrades to the outlook for the United States, China and Europe.
(with wire inputs)