The News International Team
12:30pm Tata Motors under pressure
Shares of Tata Motors erased all its previous day’s gains, down 1.7 percent after reporting sharp decline in US retail sales numbers by its subsidiary Jaguar Land Rover in August.
JLR’s retail sales in the US fell 14.8 percent in August to 5,673 units compared to same month last year while there was a big drop in Jaguar cars sales, down 31.3 percent to 1,184 units. The luxury car maker sold 4,489 units of Land Rover SUVs in the month gone by, down 9.1 percent from a year ago period.
12:00pm Equity benchmarks extended losses in noon trade with the Sensex falling below 27000 level, down 151.99 points to 26987.95. The Nifty dropped 49.25 points to 8065.35 weighed down by banks, metals, auto, oil & gas and capital goods stocks.
The BSE Midcap and Smallcap indices lost 0.7 percent and 1 percent, respectively as declining shares outnumbered advancing ones by a ratio of 1729 to 876 on the BSE.
State-run power equipment maker BHEL and aluminium major Hindalco Industries topped the selling list in the Sensex, falling more than 4 percent. Among the Nifty 50 stocks, DLF crashed over 8 percent after Punjab and Haryana HC canceled allotment of 350 acre land to company by Haryana government while JSPL lost 4 percent.
Shares of ICICI Bank, Tata Motors, L&T, Tata Power, Reliance Industries, Infosys, ONGC, SBI, Axis Bank and Bharti Airtel declined 0.7-1.9 percent.
However, shares of HDFC, ITC, Bajaj Auto, HUL, NTPC and Hero Motocorp gained 0.3-0.9 percent.