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Indices at day's low; auto stocks extend losses

Capital Market 

Key benchmark indices were trading near day's low amid negative global cues in morning trade. Investors were cautious ahead of Q2 GDP figures. The Nifty was trading below 12,100. At 10:19 IST, the barometer index, the S&P BSE Sensex, was down 233.53 points or 0.57% at 40,894.08. The Nifty 50 index was down 59.85 points or 0.49% at 12,091.30.

The broader market outperformed the benchmark index. The S&P BSE Mid-Cap index was up 0.59%. The S&P BSE Small-Cap index was up 0.465%.

The market breadth was positive. On the BSE, 1033 shares rose and 721 shares fell. A total of 97 shares were unchanged. In Nifty 50 index, 17 stocks advanced while 33 stocks declined.

Macro:

India's GDP data for September quarter is scheduled to be published after market hours today, 29 November 2019. While Care Ratings, ICRA, Edelweiss expects the economy to have expanded at 4.7% in Q2, DBS and Nomura are on the lower band of the forecasts with projections of 4.3% and 4.2% respectively.

Buzzing Index:

Auto stocks tumbled for second day in a row after media houses reported that no decision regarding new scrappage policy was taken at Cabinet Committee on Economic Affairs (CCEA). Earlier, there was a buzz regarding the new scrappage policy that will benefit the automobile makers. Setting a timeline to vehicles will ensure vehicles are scrapped in a fixed time period and thus increase the demand.

The Nifty Auto index was down 0.47% at 8,141.05. The index is down 0.75% in two sessions.

TVS Motors Company (down 1.74%), Hero MotoCorp (up 1.4%), Bajaj Auto (down 1%), Mahindra and Mahindra (down 0.97%), Eicher Motors (down 0.89%), Maruti Suzuki India (down 0.82%) and Ashok Leyland (down 0.61%) were the biggest losers in auto segment.

Stocks in Spotlight:

Shares of the Future Group surged after the country's competition regulator approved Amazon's acquisition of stake in promoter group entity of Future Retail. Future Enterprises (up 16.25%), Future Retail (up 13.53%), Future Consumer (up 9.07%), Future Market Networks (up 4.85%), Future Supply Chain Solutions (up 2.70%) and Future Lifestyle Fashions (up 2.14%) advanced. In a press released yesterday, the Competition Commission of India approved the acquisition by Amazon.com NV Investment Holdings LLC in Future Coupons.

Adani Gas jumped 6.62% to Rs 159.40 after Competition Commission of India approved Total Holdings SAS 37.4% acquisition in Adani Gas. Earlier in October this year, France's Total S.A. signed a deal to acquire a 37.4% stake in Adani Gas. The French energy giant will buy 25.2% stake from shareholders via an open offer and the remaining shares from Adani Family.

Lemon Tree Hotels announced that the company has launched 101 rooms hotel named Red Fox Hotels in Vijayawada. The hotel is set on the banks of Krishna River and is an ideal destination of travelers.

Shares of Lemon Tree Hotels were trading 1.31% higher at Rs 61.85

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Fri, November 29 2019. 10:23 IST
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