Indices sharply pare losses; auto stocks skid for 4th day

The key equity barometers sharply pared losses in mid-afternoon trade. At 14:26 IST, the barometer index, the S&P BSE Sensex, slipped 48.68 points or 0.12% at 40,576.83. The Nifty 50 index lost 24.65 points or 0.21% to 11,909.85.

The benchmarks corrected today after rising in the past nine sessions. Profit booking emerged after International Monetary Fund (IMF) slashed India's economic growth forecast in the wake of the coronavirus pandemic.

In the broader market, the S&P BSE Mid-Cap index rose 0.24% while the S&P BSE Small-Cap index lost 0.22%.

The market breadth was weak. On the BSE, 1034 shares rose and 1531 shares fell. A total of 175 shares were unchanged.

Numbers to Track:

In the foreign exchange market, the partially convertible rupee rose to 73.31 compared with its previous closing 73.355.

The yield on 10-year benchmark federal paper fell to 5.903% compared with previous closing of 5.904% in the previous trading session.

MCX Gold futures for 04 December 2020 settlement lost 0.12% to Rs 50,385.

In the commodities market, Brent crude for December 2020 settlement lost 7 cents to $42.38 a barrel. The contract gained 1.75% or 73 cents to settle at $42.45 in the previous trading session.

Buzzing Index:

The Nifty Auto index slipped 0.98% to 7,974.15. The index has declined 2.56% in four sessions.

Bharat Forge (down 3.68%), Tata Motors (down 3.54%), Ashok Leyland (down 2.23%), Mahindra & Mahindra (down 1.50%), Maruti Suzuki (down 1.09%) and Hero MotoCorp (down 0.20%) advanced.

Bajaj Auto (up 0.76%), TVS Motor Company (up 0.48%) and Eicher Motors (up 0.25%) advanced.

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