By Reuters
India鈥檚 benchmark shares inched lower on Wednesday, dragged by auto stocks after Tesla鈥檚 entry into the local market, while gains in heavyweight HDFC Bank capped some losses amid subdued market sentiment across Asia due to a pick-up in U.S. inflation.
The Nifty 50 was down 0.21% at 25,140.6 points, while the BSE Sensex lost 0.18% to 82,424.96, as of 10:18 a.m. IST.
Nine of the 13 major sectors declined. The auto index fell 0.8%, with Mahindra & Mahindra and Tata Motors both losing 1%.
Citi Research analysts said Tesla鈥檚 Model Y was unlikely to disrupt the Indian market immediately, but warned that reduced import duties or local manufacturing could escalate the competitive threat.
The metal index fell 0.8% on a stronger dollar, which makes commodities costlier for holders of other currencies.
The broader small-caps and mid-caps traded flat.
India鈥檚 HCLTech slides on lower annual operating margin forecast
HDFC Bank, the heaviest stock in both Nifty and Sensex, gained 0.8% after the top private