Sensex down 495 points; Nifty steady below 24,800; Pull banking, auto stocks

Like Asian markets, Indian benchmark equity indices closed lower for the third consecutive session on Thursday, led by losses in banking and auto stocks. The NSE Nifty touched a two-month low during the session.

The 30-share BSE Sensex closed down 495 points, or 0.61%, at 81,006, while the broader NSE Nifty shed 221 points, or 0.89%, at 24,749.8.

The market capitalization of all listed companies on BSE was also hit, which was Rs. 6.03 lakh crore reduced to Rs. 457.26 lakh crores.

Among Nifty stocks, Bajaj Auto, Shriram Finance, M&M, Nestle India and Hero MotoCorp closed in the red, while Infosys, Tech Mahindra, Power Grid, L&T and SBI closed higher.

Shares of Bajaj Auto closed down more than 13% after the company said it expects sales growth of only 3% to 5% in the festive season, well below expectations of at least 8%.

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The Nifty Auto index also fell 3.5%, with Bajaj’s major two-wheeler rivals Hero MotoCorp and TVS Motor down around 3.4%. Tire makers CEAT, MRF and Apollo Tires fell .5% to 2.75%.

More to come…

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