Indian Stocks Dip Fourth Day In A Row, As Tata Motors Skids


Indian shares fell for a fourth straight session on Thursday, led by losses in financials and auto stocks, with Tata Motors weighing on the indexes after its first-quarter results failed to meet expectations.

The automaker’s shares fell as much as 7.2 percent to their lowest in over a year after the company’s 42 percent rise in June-quarter profit, helped by a one-off gain related to changes to Jaguar Land Rover’s pension plans, failed to please investors.

Global sentiment was largely weak with Asian stocks falling as investors fretted about the simmering tensions between the United States and North Korea.

“There are some stocks from which investors are shuffling their portfolio out, like pharma … An element of profit-booking is also coming in which is causing nervousness, but nothing to be perturbed about,” said Deven Choksey, promoter, KR Choksey.

The broader NSE Nifty was down 0.19 percent at 9,888.90 as of 0544 GMT, while the benchmark BSE Sensex was 0.18 percent lower at 31,739.23.

The Nifty Auto index fell as much as 2.2 percent, its biggest percentage loss in over two-and-a-half months. Tata Motors, Eicher Motors and Motherson Sumi Systems pulled the index down, which has risen about 20 percent this year as of Wednesday’s close.

Financial stocks continued their decline, with the Nifty Bank index dipping 0.5 percent and the Nifty PSU bank index losing as much as 1.9 percent.

Nifty Pharma index snapped its six-day losing streak after Aurobindo Pharma’s first-quarter performance and management commentary boosted sentiment. The drugmaker’s shares rose as much as 5.9 percent.


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