Auto stocks resume slide, Sensex ends 167 pts lower

Mumbai, Sep 12 : Indian markets fell on Thursday ahead of the key macro data such as IIP (index of industrial production) numbers for July and retail inflation (CPI) print for August due later in the day.

Nifty auto index declined by 1.81 per cent, led by selling in Tata Motors, TVS Motors and Maruti Suzuki scrips.

The Sensex closed 166.54 points or 0.45 per cent lower at 37,104.28 while the Nifty fell by 54.65 or 0.50 per cent at 10,981.05. The benchmark opened higher at 37,330.47, from its previous close of 37,270.82.

“Market had done well in the last one-week and bounced back from the oversold region which was heavily impacted last month by poor economic data,” said Vinod Nair, Head of Research, Geojit Financial Services.

Nair also added that markets are waiting for the next set of updated data to understand whether the worst for the economy is over or if this slowdown will continue in the short-term.

The outlook on these upcoming data is weak which is likely to be supported by more rate cut by the Reserve Bank of India in the next month’s policy meet, analysts noted.

/IANS

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