The Indian market was trading lower around noon on Tuesday as auto stocks declined after reporting disappointing June sales data. However, the markets pared losses and are currently in green.

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Stock in Asia edged higher as the Reserve Bank of Australia slashed its cash rate by 25 basis points to a new all-time low of 1 percent, making its second straight month of easing after it slashed rates in June.

At 01:37 PM, the Sensex was at 39,701.33, up 16.86 points, or 0.04 percent while the Nifty 50 was trading at 11,873.95,up 8.35 points, or 0.07 percent.

The Nifty Midcap 100 is up 0.01 percent and Nifty Smallcap 100 index was trading lower by 0.29 percent.

Only two sectors — FMCG and IT — were trading in the green.

UPL, ONGC, IOC, BPCL and Bharti Airtel were among the top gainers, whereas Yes Bank, Sun Pharma, Tata Motors, Bajaj Auto and ICICI Bank led the losses.

The Nifty Auto index traded nearly 1 percent lower on Tuesday after auto companies reported poor sales number for the month of June amid muted sentiment and lacklustre demand. It is the eighth consecutive month of disappointing auto sales data.

Shares of Alembic Pharmaceuticals surged nearly 6 percent on Tuesday after the US health regulator approved Febuxostat tablets.

The travel and tour company Cox & Kings' share price was locked in a lower circuit at 5 percent on Tuesday for the third consecutive trading session after the company defaulted on another commercial paper worth Rs 50 crore, citing temporary mismatch in liquidity.

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First Published:Jul 2, 2019 12:53 PM IST