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Indian Stocks Felt Tremors; Auto, Energy Shook Market, Nifty Closes Below 19,550

Indian benchmark indices were and hit by tremors as auto and energy stocks slipped, Indian market shook by quarterly earnings, IPOs listing etc

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Indian stocks pulled below 19,550 level on first trading session of the week, reverse gear by Auto stocks on mixed sales data in September, while anxiety over higher interest rates still shadows. 

The NSE Nifty 50 index closed 0.56 per cent down at 19,528.75, while the S&P BSE Sensex lost 0.48 per cent to 65,512.10.

Nifty Auto lost more than 1 per cent with Eicher Motors losing 2.68 per cent after reporting September motorcycle sales fell 4 per cent. Escorts Kubota lost 1.73 per cent after posting 11.2 per cent year-on-year (YoY) decline in tractor sales in the month.

Nifty Energy Index lost 1.28 per cent with ONGC losing 3.78 per cent.

“Investors preferred to shun their equity exposure ahead of the monetary policy committee meeting this week. Markets were in weak terrain through the session, as traders trimmed their holding in automobile, oil & gas and metal shares. The stronger dollar once again weighed heavily on the rupee, which indicates that foreign investors may have once again pulled the plug on Indian equities. Even the robust September GST collections failed to enthuse investors as global worries continue to dictate the trend on local markets,” said Shrikant Chouhan, Head of Research (Retail), Kotak Securities.

Domestically focussed small and mid-caps rose 0.53 per cent and 0.18 per cent respectively. Both the indices have outperformed Nifty and Sensex by more than 8 per cent so far. 

Among individual stocks, Vedanta gained 3.68 per cent after the Indian miner announced a split into six separate businesses. Ujjivan Small Finance Bank topped with 9.06 per cent gains.

Heidelberg Cement India  jumped 7.04 per cent on a report of acquisition plans by JSW Cement.

JSW Infra IPO listed with robust gains of 20 per cent. The second largest port operator listed at Rs 143 against the set upper price band at Rs 113. The stock closed at Rs 157.30 or 32.18 per cent higher on NSE.

On the other hand Vaibhav Jewellers IPO got a dull start despite the IPO being subscribed 2.5 times. IPO listed at Rs 215 which is at par with its price band and closed with negligible gains.