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Nifty below 11,900; auto stocks slide

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The main market barometers hit fresh intraday low amid lack of positive triggers. Auto stocks took a hit after industry body SIAM released sales data for November 2019. Sentiment was also affected by negative global. The Nifty slipped below its crucial 11,900 level.

At 11:30 IST, the barometer index, the S&P BSE Sensex, was down 151.57 points or 0.37% at 40,335.86. The Nifty 50 index was down 45.35 points or 0.38% at 11,892.15.

The S&P BSE Mid-Cap index was down 0.62% while the S&P BSE Small-Cap index was down 0.36%.

The market breadth, indicating the overall health of the market, was weak. On the BSE, 753 shares rose and 1267 shares fell. A total of 124 shares were unchanged. In Nifty 50 index, 15 stocks advanced while 35 stocks declined.

Buzzing Index:

The Nifty Auto index was trading 0.8% lower at 7,800.10 after SIAM data.

Atul Auto (down 2.24%), SML Isuzu (down 1.41%), Ashok Leyland (down 0.97%), TVS Motors Company (down 0.92%), Hero MotoCorp (down 0.89%), Maruti Suzuki India (down 0.78%), Tata Motors (down 0.4%), Mahindra and Mahindra (down 0.39%) and Bajaj Auto (down 0.34%) were top losers.

Domestic passenger vehicle sales declined 0.84% to 2,63,773 units in November from 2,66,000 units in the year-ago period. Domestic car sales were down 10.83% to 1,60,306 units as against 1,79,783 units in November 2018, according to data released by the Society of Indian Automobile Manufacturers (SIAM).

Motorcycle sales last month declined 14.87% to 8,93,538 units as against 10,49,651 units a year earlier. Total two-wheeler sales in November declined 14.27% to 14,10,939 units compared to 16,45,783 units in the year-ago month. Sales of commercial vehicles were down 14.98% to 61,907 units in November, SIAM said. Vehicle sales across categories registered a decline of 12.05% to 17,92,415 units from 20,38,007 units in November 2018, it added.

Stocks in Spotlight:

HDFC AMC declined 1.37% to Rs 2942.95, sliding for fifth consecutive session. The stock has tumbled 14.49% in five trading sessions from its previous closing high of Rs 3441.45 on 3 December 2019 to its current market price of Rs 2942.95.

HDFC AMC's promoter, Standard Life Investments, concluded its offer for sale (OFS) last week. It sold 3.10% stake via OFS. The floor price for the sale was set at Rs 3,170 per equity share.

Dilip Buildcon gained 1.66% after the company was declared lowest bidder for a Delhi MRTS project. The bid project cost is Rs 825.62 crore and the completion time for project is 30 months.

Equitas Holdings declined 1.58% to Rs 108.85 after SBI mutual fund sold 1.41% stake in the company on 6 December. Post transaction, SBI mutual fund holds 1.95% stake in the company.

Shares of Equitas Holdings declined 2.94% in two trading sessions to its current market price of Rs 108.85 from its recent closing high of Rs 112.15 on Friday, 6 December 2019.

Foreign Markets:

Asian markets were trading lower on Tuesday as investors refrained from making major bets before 15 December, when the next round of US tariffs on Chinese imports is due to take effect.

In US, stocks ended lower on Monday following economic reports that pointed to weakness in China's economy. Investors also kept a close eye on trade negotiations ahead of Sunday's tariff deadline for 15% import duties on $156 billion of annual consumer imports.

Reports out of China indicate that trade tensions have hurt the world's second-largest economy, as China's exports unexpectedly dropped 1.1% in November from a year earlier, while shipments to the US fell 23%

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

First Published: Tue, December 10 2019. 11:32 IST