Auto, pharma stocks drag as Indian benchmark indexes eye weekly losses

L&T Technology Services

21/02/2025 07:33

** India's Nifty 50  .NSEI  and Sensex  .BSESN  drop about
0.4% each, eyeing weekly losses of about 0.7% each
    ** Twelve of the 13 major sectors decline; auto index
 .NIFTYAUTO  drops 2.3%
    ** Fourteen of the 15 constituents of auto index log losses;
Mahindra & Mahindra  MAHM.NS  sheds 5.5%, while TVS Motor
 TVS.NS  falls 3.4%
    ** Reports that government may reduce import duty to 15% on
electric vehicles from 110% as part of new EV policy weighing on
auto stocks
    ** Citi says heightened competition from global companies
such as Tesla will hurt domestic automakers
    ** Pharma stocks  .NIPHARM  drop 1.8% on uncertainty over
U.S. tariff threats
    ** High-weight financials  .NIFTYFIN  drop 0.5%, while banks
 .NSEBANK  slip 0.67%
    ** The broader, more domestically focussed small-caps
 .NIFSMCP100  and mid-caps  .NIFMDCP100  lose 0.1% and 0.7%
    ** Bucking the trend, L&T Tech  LTEH.NS  gains 4.5% on a
rating upgrade by Macquarie
    ** Financial services provider Religare Enterprises
 RELG.NS  climbs 6.4% after billionaire Burman family that owns
Dabur  DABU.NS  says it acquired control of the company
    
    
    

 (Reporting by Vivek Kumar M and Bharath Rajeswaran in
Bengaluru)
 ((bharath.rajeswaran@thomsonreuters.com; +91 9769003463;))