Nifty Auto sinks in tandem with weak broader indices; Eicher Motors, Tata Motors, and Bajaj Auto emerge as top laggards

8 Mar 2022 , 01:15 PM

Nifty Auto remained sluggish in today’s trade, at par with the decrepit broader indices. Other sectoral indices Nifty bank and financial services also remained under pressure as the domestic equities took a hit weighing on investor sentiments.

This week started on a weak note as the oil prices soared to 14-year highs amidst supply disruptions due to Russia-Ukraine conflicts. Investors jitter as the conflicts fire up, anticipating a faster rate hike by the US Fed.

Ashok Leyland (+0.96%) emerged as the top gainer adding near 1% despite an overall weak index. Whilst, Heavyweights Exide Industries (+0.92%), Bosch Ltd. (+0.59%), Mahindra & Mahindra (+0.16%) lent support to the diving index.

Eicher Motors (-1.56%) remained the top loser, followed by Tata Motors (-1.48%), Bajaj Auto (-1.32%), and Bharat Forge (-0.82%). Balkrishna Industries (-0.31%), TI India (-0.05%), TVS Motor (-0.06%), and MRF (-0.08%) further dragged down the chart.

At around 1.00 PM, Nifty Auto was trading at 9,416.30 points, down by 0.68% against its previous closing of 9,480.45.

Broader Indian benchmark indices bleed yet another day after the week started on a dim tone. BSE Sensex sheds 410 points so far and was seen at 52,433 points against its previous closing of 52,482.75 points. NSE Nifty crumbled nearly 1% and was trading at 15,714 points.