The market was under selling pressure today. Sensex -Nifty closed at the red mark. Nifty also slipped below 11200 today on Intraday. However, Reliance’s rapid market got some support. But the big banks and ITC created pressure. By the end of trading today, Nifty had fallen 32 points to close at a level of 11,285. Meanwhile, the Sensex fell 171 points to close at 38,194.
FADA Released its Auto Sales Figures for August
vehicle registrations are improving due to festivals. However, on an annual basis, there has been a 27 percent decline in vehicle registrations. 2-wheelers registrations have fallen by 29 percent year-on-year. At the same time, 3-wheelers registration has fallen by 70 percent. PV vehicle registrations have fallen by 7 percent year-on-year. CV vehicle registrations have seen a decline of 57 percent year-on-year. FADA says that auto demand has not yet reached the pre-COVID level. There are signs of increasing demand in urban centers. Pitfalls may affect September sales. According to FADA Augst data, 2-wheelers sales in August declined to 8.98 LK units. CV sales were down 57.4 percent to 26,536 units. 3-wheelers sales were down to 16,857 units. PV sales declined to 1.78 LK units. At the same time, tractor sales grew by 27.8 percent to 67,406 units.
Crude, Gold and Silver Trade
Concerns about demand again appear to dominate crude. Brent saw its biggest drop of the month yesterday and has slipped below $ 40. Even today there is a weakness in crude. Base metals are also trading on a decline. Metals are weak due to the strong dollar, but demand recovery continues to support lower levels. There is a decline in gold and silver today. Equity markets are also down. Apart from this, there has also been a setback to AstraZeneca’s Corona vaccine. The company has halted the trial after a man became ill. Despite this, there is no safe-haven demand for gold. In fact, gold has been under pressure due to the strengthening of the dollar. Meanwhile, demand has improved in the spot markets but due to a shortage of artisans, jewelers are taking time to fulfill orders.
Shares of Government Companies
Selling dominates metal and government companies. Shares of NALCO, NMDC, and HIND ZINC have lost 3 to 4 percent. The Nifty Metals index has dropped for the 5th consecutive day. ONGC, SBI and COAL INDIA have also fallen between 3 and 4 percent for government companies. BHARAT DYNAMICS’ OFS is open to retail investors from today. Non-retail shares are 1.4 times full. Its floor price is 330 per share. This stock has slipped 21% in 4 days of continuous decline.