Sensex, Nifty Log Worst Week In Over Five Months
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India's equity benchmarks declined for the fourth consecutive session to log the worst week in over five months, dragged by losses in banking, information technology, realty and auto stocks.
The S&P BSE Sensex Index shed 0.61% to 58,765.38 while the NSE Nifty 50 Index declined by similar magnitude to 17,532.05. Housing Development Finance Corp. contributed the most to the index decline, decreasing 1.6%. Bajaj Finserv Ltd. had the largest drop, falling 3.4%. Today, 25 of 50 shares fell, while 25 rose.
The broader indices outperformed their larger peers with the S&P BSE MidCap falling 0.1% and S&P BSE SmallCap rising nearly 0.5%. Eleven of the 19 sectoral indexes compiled by BSE Ltd. declined, with the S&P BSE Realty shedding over 1.5%
The market breadth was skewed in favour of bulls. About 1,814 stocks advanced, 1,416 declined and 178 remained unchanged.
India Sells Rs 24,000 Crore Of Bonds As Planned: RBI
India sold Rs 24,000 crore ($3.2 billion) of bonds at a weekly auction as planned, the Reserve Bank of India said in a statement.
India sold Rs 13,000 crore of 6.1% 2031 bond at a cutoff yield of 6.2324% vs. 6.24% est.
Sold Rs 7,000 crore of 6.76% 2061 bond at a cutoff yield of 6.9892% vs. 6.99% est.
Sold Rs 4,000 crore of new 2028 floating rate bond
TVS Motor September Vehicle Sales At 3,47,156 Units
TVS Motor Company Ltd. reported vehicle sales for September of 347,156 units vs. 327,692 YoY.
Sept. vehicle sales 347,156 units, +5.9% YoY
Sept. sales +6% YoY
Sept. exports 102,259 units, +20% YoY
Sept. motorcycle sales 166,046 units, +19% YoY
Mahindra September Automotive Sales Down 22% YoY
Mahindra & Mahindra Ltd. reported automotive sales for September at 28,112 units vs. 35,920 YoY.
September automotive sales 28,112 units, -22% YoY
Sept. exports 2,529 units, +61% YoY
Sept. tractor sales 39,053 units, -7.8% YoY
Sept. passenger vehicle sales 13,134 units, -12% YoY
Mahindra & Mahindra said that chip supply issues continued to pose difficulties. The company also added that it has taken several steps to mitigate chip supply effect
Footwear Makers Rise As More States Plan To Reopen Schools
Bata India, Relaxo Footwears gain as proposed reopening of schools in various states boosts their sales outlook, according to A. K. Prabhakar, head of research at Mumbai-based IDBI Capital Market.
A number of states in India including Karnataka, Delhi and Maharashtra have announced plans to reopen schools as Covid infections remain under control
“Reopening of schools in Mumbai was a surprise, while it was expected for other states,” Prabhakar said via phone
Source: Bloomberg