Equity indices extend their downfall; auto shares record across the board selling

The key equity indices extended their downfall and hit fresh intraday low in morning trade. The Nifty continued to trade below the 19,000 level. Auto shares edged lower for fourth consecutive session.

At 10:24 IST, the barometer index, the S&P BSE Sensex, was down 483.63 points or 0.76% to 63,565.43. The Nifty 50 index declined 230.05 points or 1.2% to 18,892.10.

The NSE`s India VIX, a gauge of the market`s expectation of volatility over the near term, jumped 9.30% to 12.37.

In the broader market, the S&P BSE Mid-Cap index fell 2.10% while the S&P BSE Small-Cap index lost 2.64%.

The market breadth was weak. On the BSE, 408 shares rose and 2912 shares fell. A total of 124 shares were unchanged.

The market sell-off has been triggered by the US 10-year bond yield hitting the 5 per cent mark, which pulled down risk levels materially in the region. Geopolitical tensions emanating from West Asia dragged the market lower. The expiry of monthly F&O contracts on the NSE today further added to the volatility.

Results Today:

Asian Paints (down 1.66%), Shriram Finance (down 2.68%), Canara Bank (down 2.25%), Colgate Palmolive India (down 1.27%), Indian Bank (down 1.39%), Punjab National Bank (down 2.81%), ACC (down 0.43%), Coromandel International (down 3.64%), Apar Industries (down 5.36%), NLC India (down 3.60%), Westlife Foodworld (down 3.44%), Aavas Financiers (down 0.85%), Aditya Birla Sun Life AMC (down 2.27%), Jindal Saw (down 6.05%), Medplus Health Services (up 1.58%), Voltamp Transformers (down 0.36%) and Dixon Technologies (down 1.05%) are some of the companies that will announce their quarterly earnings today.

Buzzing Index:

The Nifty Auto index fell 1.34% to 15,993.75. The index has lost 3.76% in four sessions.

Samvardhana Motherson International (down 2.5%), Balkrishna Industries (down 2.46%), Mahindra & Mahindra (down 2.33%), Eicher Motors (down 1.91%) and Tube Investments of India (down 1.89%) were the top losers.

Among the other losers were Bharat Forge (down 1.77%), Ashok Leyland (down 1.77%), Tata Motors (down 1.76%), Maruti Suzuki India (down 1.08%) and TVS Motor Company (down 1.04%).

Stocks in Spotlight:

Sonata Software rallied 3.04% to Rs 1,074.05 after the company`s consolidated net profit jumped 3.37% to Rs 124.12 crore in Q2 FY24 as compared with Rs 120.12 crore in Q1 FY24. Revenue from operations declined 5.11% to Rs 1,912.57 crore in Q2 FY24 as compared with Rs 2,015.53 crore in Q1 FY24.

Karnataka Bank, Vakrangee: Karnataka Bank has partnered with Vakrangee to expand its business correspondent (BC) banking services across India. With Vakrangee`s extensive network of over 14,000 banking BC points and more than 6,300 ATMs, Karnataka Bank aims to provide banking services to underserved areas and bridge the gap in financial inclusion.

Apollo Micro Systems: The company has entered into term loan agreement with Bajaj Finance to avail credit facilities in the form of Term Loan (TL) upto Rs. 15 crore to incur capex for research and development.

Indus Towers added 1.43%. The company reported 49% rise in consolidated net profit to Rs 1295 crore 10% fall in revenue to Rs 7133 crore in Q2 FY24 over in Q2 FY23.

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