Sensex slips below 26000, Nifty loses 1%; auto stocks fall

The Sensex dropped 293.90 points or 1.12 percent to 25989.19 and the Nifty shed 97.65 points or 1.23 percent to 7873.65. 

The market breadth remained weak as about 1657 shares have declined against 635 shares advanced on the Bombay Stock Exchange.

Globally, Asian markets declined as China’s manufacturing data curbed risk appetite. China’s official manufacturing PMI edged down to 49.7 in August from 50 in July. 

Brent crude traded around USD 52 a barrel, up by more than USD 12 from August lows.

Maruti Suzuki fell nearly 1 percent post lower than expected sales in August. Export sales declined 11 percent year-on-year while domestic sales grew by 8.6 percent driven by Ciaz, S-Cross etc. 

Eicher Motors continued to report strong growth in its Royal Enfield sales that increased 59 percent. Tata Motors and M&M slipped over a percent ahead of sales numbers.

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Posted in: Indian Market Tips