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Sensex, Nifty end lower dragged by auto stocks

File photo. Photograph:( AFP )

Reuters Bengaluru, India Jul 29, 2019, 04.29 PM (IST)

Indian shares ended lower on Monday, led by losses among auto stocks, as investor caution in the wake of weak earnings continued.

The broader NSE Nifty closed down 0.84% at 11,189.20, while the benchmark BSE Sensex ended 0.52% lower at 37,686.37.

The Nifty Auto index closed 3.6% lower after a disappointing earnings season from its heavyweights and a government proposal to lower taxes on electric vehicles, which threatened the traditional sector.

Tata Motors ended 6.5% down after the company's losses nearly doubled, while Maruti Suzuki India Ltd, which reported a better-than-expected first-quarter profit on controlled costs still ended 4.2% lower

Indiabulls Housing Finance led the losers among NSE stocks, closing down 10.5% after a lawmaker alleged the company embezzled money to the tune of 1 trillion rupees ($14.53 billion).

Among gainers, ICICI Bank ended 3.3% in the black, after the lender reported lower first-quarter provisions for bad loans, which boosted its profit.