News ID: 126398
Published: 0313 GMT September 07, 2015

India Sensex fluctuates as automakers climb

India Sensex fluctuates as automakers climb

India’s benchmark stock index swung between gains and losses after posting the worst weekly decline since 2011. Automobile companies countered losses in power utilities and energy companies.

Tata Motors Ltd., owner of Jaguar Land Rover, rebounded from a two-week low, while Maruti Suzuki India Ltd., which produces about half the cars sold in India, advanced 1.3 percent. Gail India Ltd., a natural-gas supplier, and Coal India Ltd., the world’s largest producer of the fuel, were the worst performers on the S&P BSE Sensex, Bloomberg wrote.

The Sensex was little changed at 25,200.34 in Mumbai, after changing directions at least 10 times. The gauge sank 4.5 percent last week as concerns about the potential increase in US interest rates and China’s economic slowdown curbed demand for riskier assets. Asian stocks fluctuated Monday as mainland Chinese equities resumed trading after a two-day holiday. Overseas funds sold a net $51 million of domestic shares on Sept. 3, paring this year’s inflows to $4.1 billion.

“This selloff will continue until China stabilizes or clarity emerges on US interest rates,” RK Gupta, managing director of Taurus Asset Management Co., which has $630 million in assets, said by phone from New Delhi. "Global events have taken precedence over domestic factors."

Tata Motors gained 1.2 percent, paring this year’s loss to 33 percent. Maruti increased 1.3 percent. Gail plunged 2.8 percent to its lowest level since May 2009. Coal India tumbled 2.7 percent to a two-week low.

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