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Sensex drops 151 points on heavy selloff in auto stocks

Tuesday, February 12, 2019

Indian equities extended their fall for yet another session yesterday, with the BSE Sensex falling over 150 points and the NSE Nifty slipping below the 10,900 mark, as selling pressure continued in the market despite a rebound in global stocks.

Brokers said auto sector stocks were the centre of nervous selling, triggered by dismal quarterly earnings posted by leading auto makers.

The 30-share barometer after shuttling between 36,588.41 and 36,300.48 points, finally ended at 36,395.03, down 151.45 points, or 0.41%. The gauge had lost nearly 429 points in the previous two sessions.

The 50-scrip NSE Nifty finished 49.80 points, or 0.50%, down at 10,888.80, after touching a low of 10,857.10 and a high of 10,930.90 during the session.

"Selling pressure continued in the market despite a rebound in global market as investors turned risk averse due to upcoming election," said Vinod Nair, Head of Research, Geojit Financial Services.

Quarterly results have not surprised investors while scope of downgrade in earnings further dampened the sentiment, he said adding that "global trade deal and risk of slowdown in growth continue to give caution while investors remain focused on tomorrow's CPI inflation and IIP data to get some direction."

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