Sensex, Nifty Resume Decline Weighed Down By Tata Motors
Closing Bell: Sensex Falls Over 150 Points, Nifty Settles At 10,301
Indian equity benchmarks resumed decline paced by losses in Tata Motors after the luxury carmaker said it was closing production because of weak demand in China.
The S&P BSE Sensex fell 0.51 percent or 175 points to 34,299 and the NSE Nifty 50 Index declined 0.45 percent or 47 points to 10,301.
The benchmarks were highly volatile as the Nifty 50 index swung 14 times between gains and losses.
Six of 11 sector gauges compiled by the National Stock Exchange ended lower dragged by the Nifty Auto Index's 2.6 percent drop. On the other hand, the Nifty Media Index was top gainer, up 2.1 percent.
Mid- and small-cap shares declined as the Nifty Midcap 100 Index fell 0.3 percent and the Nifty Smallcap 100 Index declined 0.2 percent.
Market Update: Sensex, Nifty Fall Amid High Volatility
Nifty witnessed highly volatile trading session as the benchmark swung 14 times between gains and losses.
Tata Motors Off Day's Low Amid Block Deal
- Tata Motors has 11 lakh shares change hands in a single block. Stock down 12.5 percent at Rs 186.
Buyers and sellers were not immediately known
Fuel Duty Cut Poses Downside Risk To Fiscal Deficit Target
Fuel duty cut poses downside risk to India's fiscal deficit target of 3.3 percent of GDP, according to credit ratings agency Moodys.
The excise cuts will reduce government revenue by Rs 10,500 crore or 0.05 percent for the remainder of fiscal 2018.
These measures create material downside risks to the central government’s fiscal deficit target of 3.3 percent of GDP for fiscal 2018. Because the government had already met 94.7 percent of the budgeted annual deficit by August 2018, to achieve its deficit target it will likely need to compress capital expenditure.
Consequently, we expect the central government deficit target to slip modestly to 3.4 percent of GDP, while the combined general government deficit (central and state) should remain at about 6.3 percent of GDP, Moody’s said in a press release.
Coffee Day Enterprises Falls For 12th Day, Longest Slump Since IPO
Shares of the Bengaluru-based coffee chain operator fell for twelfth day in a row and were headed for longest slumps since IPO.
The stock has plunged 20 percent in last 12 sessions to Rs 250.90.