India equity benchmarks, Sensex and Nifty, recovered later in the day after dipping sharply on Wednesday morning in a rout in auto stocks. Early on, Tata Motors and Mahindra shares slipped around 1 per cent, a day after Tesla opened its first outlet in India at BKC Mumbai.
However, Mahindra and Mahindra closed 2 per cent higher, leading the day’s Sensex gainers. Tata Motors could not capitalise on the afternoon turnaround in equities.
The other gainers in the 30-pack BSE Sensex at close were Tech Mahindra, Infosys, Adani Ports, and ITC. Zomato-parent Eternal, followed by Sun Pharma, and Tata Steel were the top losers in the index.
In morning trade, Sensex shed more than 200 points, and the Nifty lost close to 75 points, despite a positive rally in the banks. By end of trading, Sensex settled around 63 points higher and Nifty gained a little over 16 points. At close, SBI settled 1.8 per cent higher. Axis Bank and HDFC Bank just inched on the green, settling almost flat.
On Tuesday, THE WEEK reported how the nation’s foremost automotive industry body, the Society of Indian Automobile Manufacturers (SIAM), posted a dip in quarterly domestic sales for passenger cars, e-rikshaws, and motorcycles.
The June quarter saw overall passenger vehicle sales slump 1.4 per cent to 10,11,882. Passenger car sales fell by 11.2 per cent to 3,02,991 year-on-year.
Strong FII inflows aided the recovery in Indian markets. On Tuesday, FIIs bought a little over ₹120 crore worth of equities in the Indian markets—ending with the Sensex gaining more than 317 points and the Nifty closing around 113 points higher.
