Nifty tad above 15,400; auto shares tumble

The key equity barometers registered a fresh intraday low in mid-afternoon trade. The Nifty traded a tad above the 15,400 mark. Auto shares slumped. Trading was volatile ahead of the expiry of weekly index options on the NSE today.

At 14:28 IST, the barometer index, the S&P BSE Sensex, was down 894.55 points or 1.70% to 51,646.84. The Nifty 50 index lost 282 points or 1.80% to 15,410.15.

The broader market underperformed the frontline indices. The S&P BSE Mid-Cap index slipped 2.10% while the S&P BSE Small-Cap index fell 2.53%.

Sellers outnumbered buyers. On the BSE, 620 shares rose and 2,690 shares fell. A total of 107 shares were unchanged.

Investors digested the US central bank's policy action on Wednesday. The US Fed announced a 75 basis point hike in interest rates, its biggest jump in 28 years, in line with market expectations, to tame the soaring inflation.

Numbers to Track:

The yield on India's 10-year benchmark federal paper rose to 7.598% as compared with 7.592% at the close of the previous trading session.

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 78.0875, compared with its close of 78.2200 during the previous trading session.

MCX Gold futures for 5 August 2022 settlement rose 0.50% to Rs 50,691.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was down 0.01% to 105.15.

In the commodities market, Brent crude for August 2022 settlement rose 10 cents or 0.08% to $118.61 a barrel.

Buzzing Index:

The Nifty Auto index fell 1.95% to 10,987.85. The index had advanced 0.92% to end at 11,206.75 yesterday.

Among the components of the Nifty Auto index, Tata Motors (down 3.37%), Sona BLW Precision Forgings (down 3.09%), Tube Investments of India (down 2.84%), Hero MotoCorp (down 2.75%) and Eicher Motors (down 2.51%) were the top losers.

Among the other losers were Ashok Leyland (down 2.34%), Mahindra & Mahindra (down 2.27%), Bosch (down 2.21%), Bharat Forge (down 1.96%) and MRF (down 1.3%).

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