Sensex down 495 pts; Nifty settles below 24,800; banking, auto stocks drag

In line with Asian markets, Indian benchmark equity indices closed lower for the third straight session on Thursday, weighed down by losses in banking and auto stocks. The NSE Nifty hit a two-month low during the session.

The 30-share BSE Sensex fell by 495 points, or 0.61%, to close at 81,006, while the broader NSE Nifty slipped 221 points, or 0.89%, ending at 24,749.8.

The market capitalisation of all listed companies on the BSE also took a hit, declining by Rs 6.03 lakh crore to Rs 457.26 lakh crore.

From the Nifty stocks, Bajaj Auto, Shriram Finance, M&M, Nestle India, and Hero MotoCorp closed in the red, while Infosys, Tech Mahindra, Power Grid, L&T, and SBI closed higher.

Bajaj Auto shares closed over 13% lower after the company said it expects festive season sales growth of just 3% to 5%, well below expectation of at least 8%.

Nifty Auto index also fell by 3.5%, with Bajaj’s bigger two-wheeler rivals Hero MotoCorp and TVS Motor down by about 3.4% each. Tyre-makers CEAT, MRF and Apollo Tyres fell .5% to 2.75%.More to come…

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Sensex down 495 pts; Nifty settles below 24,800; banking, auto stocks drag

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