Sensex, Nifty turn red; auto shares decline

18 Jan 2022 , 02:28 PM

The domestic equity benchmarks once again slipped below the flat line as they traded with moderate cuts in mid afternoon trade. The Nifty was trading tad above the 18,250 mark. Auto shares witnessed across the board selling.

At 14:25 IST, the barometer index, the S&P BSE Sensex, was down 102.23 points or 0.17% to 61,206.68. The Nifty 50 index lost 53.50 points or 0.29% to 18,254.60.

In the broader market, the S&P BSE Mid-Cap index lost 0.81% while the S&P BSE Small-Cap index fell 0.47%.

The market breadth was negative. On the BSE, 1,486 shares rose and 1,897 shares fell. A total of 95 shares were unchanged.

Numbers to Track:

The yield on Indias 10-year benchmark federal paper fell to 6.632% as compared with 6.636% at close in the previous trading session.

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 74.5250, compared with its close of 74.2500 during the previous trading session.

MCX Gold futures for 4 February 2022 settlement shed 0.05% to Rs 47,891.

The US Dollar index (DXY), which tracks the greenbacks value against a basket of currencies, rose 0.08% to 95.33.

In the commodities market, Brent crude for March 2022 settlement rose $1.54 or 1.79% to $87.60 a barrel.

Oil prices surged on Tuesday to over seven-year high on worries about possible supply disruptions after Yemens Houthi group attacked the United Arab Emirates. The attack has escalated hostilities between the Iran-aligned group and a Saudi Arabian-led coalition.

Buzzing Index:

The Nifty Auto index fell 1.25% to 11,732.30. The index had advanced 2.05% to end at 11,881.25 yesterday.

Maruti Suzuki (down 3.22%), Eicher Motors (down 3.12%), Bajaj Auto (down 1.42%), TVS Motor Company (down 1.30%), Ashok Leyland (down 1.22%), Bharat Forge (down 0.63%), Hero MotoCorp (down 0.15%) and Mahindra & Mahindra (down 0.13%) declined.

Tata Motors shed 0.71% to Rs 521.25. The company has announced a marginal price hike on its passenger vehicles. Effective 19 January 2022, an average increase of 0.9% will be implemented, depending on the variant and model, the auto maker said. While the company is absorbing a significant portion of the increased costs, the steep rise in overall input costs has compelled it to pass on some proportion through this minimal price hike, the company added.

Ramkrishna Forgings was up 0.11% to Rs 1045.30. The companys standalone net profit surged to Rs 45.12 crore in Q3 FY22 from Rs 16.67 crore in Q3 FY21. Revenue from operations increased by 50.70% YoY to Rs 606.05 crore during the quarter.

The companys board has approved sub-division/split of equity shares of the company from face value of Rs 10 each to face value of Rs 2 each. In order to improve the liquidity of the companys share and broad base the investor base, the board considered it prudent to sub-divide/split the shares.

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