Indices trade with minor cuts; auto stocks decline

The domestic equity barometers sharply pared losses and traded with minor cuts in mid-afternoon trade. The Nifty traded above the 16,650 mark, after hitting the day`s low at 16,564.25 in mid-morning trade. Auto shares edged lower after advancing in the past two sessions.

At 14:30 IST, the barometer index, the S&P BSE Sensex, was down 120.2 points or 0.21% to 55,952.03. The Nifty 50 index lost 36.95 points or 0.22% to 16,682.50.

In the broader market, the S&P BSE Mid-Cap index fell 0.17% while the S&P BSE Small-Cap index declined 0.12%.

The market breadth was negative. On the BSE, 1,468 shares rose and 1,899 shares fell. A total of 185 shares were unchanged.

Numbers to Track:

The yield on India`s 10-year benchmark federal paper fell to 7.374% as compared with 7.414% at close in the previous trading session.

In the foreign exchange market, the rupee was higher against the dollar. The partially convertible rupee was hovering at 79.7750, compared with its close of 79.9000 during the previous trading session.

MCX Gold futures for 5 August 2022 settlement rose 0.06% to Rs 50,673.

The US Dollar index (DXY), which tracks the greenback`s value against a basket of currencies, was down 0.11% to 106.61.

In the commodities market, Brent crude for September 2022 settlement declined 12 cents or 0.12% to $103.08 a barrel.

Buzzing Index:

The Nifty Auto index fell 1.80% to 12,407.35. The index had gained 0.98% in the past two sessions.

Mahindra & Mahindra (down 3.9%), Maruti Suzuki India (down 3.36%), Bosch (down 1.95%), Eicher Motors (down 1.92%) and Escorts Kubota (down 1.74%) were the top index losers.

Among the other losers were Tata Motors (down 1.66%), TVS Motor Company (down 1.41%), Tube Investments of India (down 1.24%), Sona BLW Precision Forgings (down 1%) and Ashok Leyland (down 0.88%).

Meanwhile, Balkrishna Industries (up 3.15%), MRF (up 1.87%) and Bharat Forge (up 0.49%) edged higher.

Mahindra CIE Automotive gained 4.59%. The company`s consolidated net profit rose 38.7% to Rs 188.85 crore on 32.5% increase in net sales to Rs 2,707.20 crore in Q2 calender year (CY) 2022 over Q2 CY 2021.

The company`s India revenue was Rs 1,386.62 crore (up 46% YoY) while that from Europe was Rs 1,332.29 crore (up 20.2% YoY) during the period under review. EBITDA margin stood at 13.3% in Q2 CY2022 as against 14% in Q2 CY2021.

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