Nifty Auto and IT Indices Dip as Market Consolidates Amid Mixed Sectoral Trends

The Nifty Auto index declined 0.6% on November 4, dragged down by weakness in leading auto stocks including Hero MotoCorp, TVS Motors, and Eicher Motors. Hero MotoCorp’s total sales fell 6.4% year-on-year in October, impacted by softer domestic demand despite a strong export surge. The subdued volume outlook weighs on investor sentiment in the auto space.

Meanwhile, the Nifty IT index decreased 0.52%, reflecting profit-taking in major tech firms after recent rallies. Stocks such as Wipro, Tech Mahindra, and Coforge saw declines as investors digest mixed Q2 earnings results and concerns over margin pressures. Despite the dips, top IT performers like Infosys managed modest gains.

Overall, the market shows signs of consolidation amid cautious investor sentiment with sector rotation from defensives to cyclical stocks. Positive global cues in technology and selective buying in consumer durables and media partly offset losses.

Market analysts suggest monitoring upcoming corporate earnings and global macroeconomic updates to gauge near-term direction.

Key Highlights:

Nifty Auto index down 0.6%, led by Hero MotoCorp and TVS Motors declines

Hero MotoCorp’s October sales down 6.4% YoY; exports rose sharply

Nifty IT index falls 0.52%, with Wipro, Tech Mahindra, and Coforge among laggards

Infosys and select IT counters show resilience amid market profit-taking

Market consolidates with mixed sector performances amid global economic cues

Analysts watch upcoming earnings and global data for market direction

Sources: Moneycontrol, The Hindu Business Line, Economic Times Market Coverage