Sensex drops by 644 points; automotive stocks facing downward pressure | Latest updates from the stock market

The domestic stock market witnessed a sharp decline in morning trade, with the Nifty slipping below the 21,900 level. Auto stocks, which had seen gains in the previous three trading sessions, were among the top losers.

At 10:28 IST, the S&P BSE Sensex was down 644.38 points or 0.89% to 72,020.09, while the Nifty 50 index slipped 178.65 points or 0.81% to 21,876.55. The broader market also saw a negative trend, with the S&P BSE Mid-Cap index slipping 1.47% and the S&P BSE Small-Cap index declining 1.57%.

In economic news, India’s industrial output expanded by 4.9 percent year-over-year in March, slower than the previous month. The slowdown was attributed to weaker growth in mining output, which rose by 1.2 percent annually in March.

Several companies were set to announce their quarterly earnings later in the day, including UPL, Jindal Steel & Power, Zomato, DLF, and many others. Tata Motors reported a significant increase in consolidated net profit for Q4 FY24, with total revenue from operations also showing a positive growth.

Stocks in the spotlight included Ami Organics, which saw a decline in net profit but a jump in revenue from operations, and JSW Steel, which reported a marginal increase in crude steel production for April 2024 compared to the same period last year.

Overall, the market was buzzing with activity as investors closely monitored the developments and awaited further updates.