Sensex drops 266 pts, Nifty holds 9,800; Auto stocks fall

Indian shares cut losses in late trade on short covering for a fourth consecutive session on Thursday, led by losses in financials and auto stocks.
The BSE Sensex Index was down 266.51 pts or 0.84% at 31531.33 and Nifty50 index fell 87.80 pts or 0.89% to 9,820.25. About 6 shares fell for every share advancing on the BSE.
The Nifty Auto index fell 2.2%, its biggest percentage loss in more than two months. Stocks of Eicher Motors, Tata Motors and Motherson Sumi Systems pulled the index down.
The stocks of Financial companies resumed their decline with the Nifty Bank index going down 0.5 percent and the Nifty PSU bank index losing 1.9 percent.

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  1. Sensex remains volatile but Midcap outperforms; pharma stocks performs higher. In the morning trade, Benchmark indices remained volatile , with the Nifty is around 9,850 level as investors is looking for triggers after lisitening Infosys and PSU banks consolidation news.
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  2. Indian equity cash markets are more likely to open with marginal losses on Thursday tracking muted cues from Asian markets.The developments on SGX Nifty counsel Nifty it set to open with modest loss of 20 points at 9,927.
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