Nifty slips below 17,600 level, auto stocks decline

The key equity indices traded near the day's low with deep cuts in the morning trade. The Nifty traded below the 17,600 mark. Auto shares extended losses for the fourth consecutive trading session.

At 10:27 IST, the barometer index, the S&P BSE Sensex, was down 578.11 points or 0.97% to 59,068.04. The Nifty 50 index lost 177.35 points or 1% to 17,581.10.

In the broader market, the S&P BSE Mid-Cap index fell 1.15% while the S&P BSE Small-Cap index shed 0.88%.

The market breadth was weak. On the BSE, 1,074 shares rose and 2,103 shares fell. A total of 180 shares were unchanged.

Foreign portfolio investors (FPIs) bought shares worth Rs 1,110.90 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 1,633.21 crore in the Indian equity market on 19 August, provisional data showed.

Buzzing Index:

The Nifty Auto index declined 1.62% to 12,736.35 extending its losing run for the fourth consecutive trading session. The index slipped 3.88% in the past four trading sessions.

Tube Investments of India (down 2.89%), Ashok Leyland (down 1.99%), Eicher Motors (down 1.97%), Hero MotoCorp (down 1.86%), Escorts Kubota (down 1.59%), TVS Motor Company (down 1.52%), Tata Motors (down 1.5%), Maruti Suzuki India (down 1.3%), Bharat Forge (down 1.29%) and Mahindra & Mahindra (down 1.11%) edged lower.

Stocks in Spotlight:

Larsen & Toubro (L&T) shed 0.52%. L&T announced the commissioning of a Green Hydrogen Plant at its AM Naik Heavy Engineering Complex in Hazira, Gujarat. The production of Green Hydrogen based on an alkaline electrolysis process has begun. The plant will produce 45 Kg of Green Hydrogen daily, which will be used for captive consumption in the company's Hazira manufacturing complex.

One97 Communications (Paytm) gained 1.80%. Shareholders of One97 Communications, which operates the financial services platform Paytm, have approved the re-appointment of Vijay Shekhar Sharma as managing director and chief executive officer of the company.

Greenlam Industries rallied 2.15% after the company announced that its recently acquired laminate manufacturing facility in Gujarat had commenced commercial production on 20 August 2022. On June 22, the company had informed regarding purchase of laminate manufacturing facility situated at Village Oran, TaIuka Prantij, District Sabarkantha, Gujarat. The said manufacturing facility currently has an installed capacity of 3.4 million laminate sheet per annum. It has potential to generate revenue of Rs 150 crore per annum on full capacity utilization.

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