Sensex Ends 169 Points Lower; Realty And Auto Stocks Witness Selling

Share markets in India witnessed selling pressure during closing hours and ended their trading session on a negative note. Sectoral indices ended in the red with stocks in the realty sector and auto sector witnessing most of the selling pressure.

At the closing bell, the BSE Sensex stood lower by 169 points (down 0.5%) and the NSE Nifty closed down by 69 points (down 0.6%). The BSE Mid Cap index ended the day down 1.2%, while the BSE Small Cap index ended the day down 1.6%.

The rupee was trading at 71.20 against the US$.

Asian stock markets finished on a positive note. As of the most recent closing prices, the Hang Seng was up by 1.6% and the Shanghai Composite was up by 0.4%. The Nikkei 225 was up 0.9%.

Oil prices began to settle this week, despite persistent worry about the global economy, after reports emerged that Asian government were considering fiscal stimulus measure in anticipation of the slowdown.

From the auto sectorMaruti Suzuki share price was in focus today as the company posted 17.2% year-on-year (YoY) decrease in net profit at Rs 14.8 billion for the quarter ended December. The firm had posted a profit of Rs 17.9 billion in the corresponding quarter last year.

Total revenue of the company increased 0.7% to Rs 196 billion during the quarter over Rs 195 billion in Q3FY18.

The company sold 4,28,643 vehicles during October-December 2018, down 0.6% YoY.

Passenger vehicle industry grew by 4.4% in the first three quarters of the year and declined in the third quarter by 0.8%.

Shares of the company fell around 9% on back of the above news.

Reportedly, Maruti Suzuki helped dealers retail about 90,000 vehicles more than wholesale to keep dealer inventories lean as the festive season sales growth was below expectation.

Earlier the country's largest carmaker was planning to invest over Rs 130-140 billion in new products, technologies and expansion of plant capacity over the next couple of years.

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Disclosure: Equitymaster Agora Research Private Limited (hereinafter referred as 'Equitymaster') is an independent equity research Company. Equitymaster is not an Investment Adviser. ...

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