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Sensex, Nifty End Lower Dragged By Auto Stocks

The broader NSE Nifty closed down 0.84 per cent at 11,189.20, while the benchmark BSE Sensex ended 0.52 per cent lower at 37,686.37.

Photo Credit : Umesh Goswami

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Indian shares ended lower on Monday, led by losses among auto stocks, as investor caution in the wake of weak earnings continued.

The broader NSE Nifty closed down 0.84 per cent at 11,189.20, while the benchmark BSE Sensex ended 0.52 per cent lower at 37,686.37.

The Nifty Auto index closed 3.6% lower after a disappointing earnings season from its heavyweights and a government proposal to lower taxes on electric vehicles, which threatened the traditional sector.

Tata Motors ended 6.5 per cent down after the company's losses nearly doubled, while Maruti Suzuki India Ltd, which reported a better-than-expected first-quarter profit on controlled costs still ended 4.2 per cent lower

Indiabulls Housing Finance led the losers among NSE stocks, closing down 10.5 percent after a lawmaker alleged the company embezzled money to the tune of 1 trillion rupees ($14.53 billion).

Among gainers, ICICI Bank ended 3.3 per cent in the black, after the lender reported lower first-quarter provisions for bad loans, which boosted its profit.

(Reuters)


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