DSIJ Mindshare

The benchmark index BSE Sensex lost more than 100 points on Tuesday pulled down by banking and finance stocks ahead of RBI's monetary policy and a dip in auto stocks after lacklustre November sales.

The shares of HCL Technologies climbed over 2 per cent after the company announced an expansion of its strategic relationship with Barclays.

According to a company statement, in the domestic market, tractor sales stood at 25,159 units compared with 21,271 units in November 2017, up 18 per cent. Exports, however, declined by 54 per cent to 790 units from 1,723 units. Retail demand remained positive through the festive season, said the statement.

The auto sales numbers for November have kicked in with four-wheeler sales showing a drop on a YoY basis. Maruti and Tata witnessed a marginal drop. On the other hand, two-wheeler sales inched higher with TVS hitting 27 per cent increase and Hero Motocorp up by 16 per cent. The drop in the overall volumes can be attributed to a tepid festive season along with the liquidity crisis in the NBFC sector, leading to lesser auto loans. 

NMDC has reduced prices of high grade iron ore (lumps) by Rs. 300 to Rs. 3,550 per tonne for the month of December 2018 from Rs 3,850 a tonne in November. The company has also cut the prices for iron ore fines, which are inferior grade ore, by Rs. 200 to Rs. 3,110 per tonne for December from Rs. 3,310 a tonne in November.