Benchmarks trade with minor cuts; auto shares slide

The key equity indices traded with minor losses in the morning trade. The Nifty traded near the 19,350 mark. Auto shares declined after rising in the past two trading sessions.

At 10:30 IST, the barometer index, the S&P BSE Sensex, was down 149.50 points or 0.23% to 64,682.70. The Nifty 50 index lost 40.60 points or 0.21% to 19,354.70.

In the broader market, the S&P BSE Mid-Cap index fell 0.40% while the S&P BSE Small-Cap index added 0.13%.

The market breadth was positive. On the BSE, 1,708 shares rose and 1,600 shares fell. A total of 147 shares were unchanged.

Buzzing Index:

The Nifty Auto index fell 0.90% to 16,207.30. The index gained 1.31% in the past two trading sessions.

Mahindra & Mahindra (down 2.2%), Hero MotoCorp (down 1.7%), Samvardhana Motherson International (down 1.5%), Bajaj Auto (down 1.08%), Balkrishna Industries (down 1.04%), Eicher Motors (down 0.81%), Bharat Forge (down 0.7%), Maruti Suzuki India (down 0.57%), Tube Investments of India (down 0.56%) and MRF (down 0.54%) declined.

Tata Motors shed 0.46%. The auto major�s issuer credit rating has been elevated from B1 Positive to Ba3 Positive. Similarly, Jaguar Land Rover Automotive Plc`s issuer credit rating has been upgraded from B1/Positive to Ba3/Positive.

Stocks in Spotlight:

Campus Activewear tumbled 4.13% after the company posted a net profit of 0.3 crore in Q2 FY24, which is a drop of 97.8% as compared with a PAT of Rs 14.5 crore recorded in Q2 FY23. Revenues for the period under review declined by 22.4% year over year to Rs 258.7 crore. This was due to tepid consumer sentiments coupled with challenging macro environment.

Welspun Corp added 0.57%. The company said that its associate company East Pipes Integrated Company for Industry (EPIC) in the Kingdom of Saudi Arabia (KSA) has signed a contract with Saudi Aramco , for a total value exceeding SAR 440 million (approximately Rs 1000 crore).

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