Equity indices trade lower, auto stocks skid

Equity benchmark indices traded gap down during early hours on Monday tracking trends in Asian markets.

At 10:15 am, the BSE S&P Sensex was down by 271 points or 0.47 per cent at 52,073 while the Nifty 50 dipped by 86 points or 0.86 per cent to 15,588.

Except for Nifty FMCG which rose by 0.23 per cent, all sectoral indices at the National Stock Exchange were in the red with Nifty auto lower by 1.1 per cent, metal by 1 per cent, private bank by 0.8 per cent and pharma by 0.6 per cent.

Among stocks, Tata Motors cracked by 2.1 per cent to Rs 330.55 per share while Mahindra & Mahindra lost by 2 per cent to Rs 765.60.

UPL, Wipro, Tech Mahindra, ICICI Bank and Larsen & Toubro also traded lower by over 1 per cent. However, NTPC, Adani Ports, Hindustan Unilever, ITC and Britannia traded in the green.

Meanwhile, Asian stocks dropped as investors mulled the implications of a surprise hawkish shift last week by the US Federal Reserve.

Japan’s Nikkei led declines with a 3.3 per cen drop while MSCI’s broadest index of Asia Pacific shares outside Japan fell 1 per cent in early trading. Hong Kong’s Seng Index fell 1.04 per cent.

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