Autos in Reverse Gear

Autos in Reverse Gear After two consecutive days of surge, the capital goods scrips witnessed selling pressure on Wednesday. The BSE capital goods index slipped 2.5 per cent or 338 points. Thermax, SKF Bearings, BEML, Siemens India, Alfa-Laval, Bharat Electronics, Crompton Greaves, Aban Offshore, Dredging Corporation, ABB and Lakshmi Machine Works lost ground besides BHEL. Among auto counters, Apollo Tyres, Amtek Auto, Bajaj Auto, Tata Motors, Bharat Forge, Exide Industries and MRF Limited closed in negative turf besides Mahindra & Mahindra. Canara Bank (down 4.8 per cent), Andhra Bank (down 4.2 per cent), Indian Overseas Bank (down 2.6 per cent), Bank of Baroda (down 2.3 per cent), Punjab National Bank (down 1.9 per cent) and Kotak Mahindra Bank (down 1.4 per cent) were some of the top losers in the banking space. Cement counters too came under heavy selling pressure. India Cements at Rs 204 levels shed 8.6 per cent or Rs 19. Mysore Cements, Shree Cements, Birla Corp, Prism Cement, Ultratech Cemco, Dalmia Cement and ACC also lost ground.