Sensex, Nifty decline over 1% led by sell off in auto, steel stocks

Reversing the bullish trend, benchmark stock indices on Friday slipped by more than 1% led by sell off in auto and steel stocks.
The S&P BSE Sensex witnessed a decline of 885.60 points, or 1.08%, to 80,981.95. The Sensex stocks that lost the most included Maruti down 4.63%, Tata Motors (4.17%), JSW Steel (3.66%), Tata Steel (2.97%), L&T (2.91%) and M&M (2.84%).
The NSE Nifty-50 index, too, fell 293.20 points, or 1.17%, to 24.717.70, a day after it had crossed the 25,000-point mark. 
Most sectors mirrored the benchmark’s decline and the broader indices also fell each losing half a percent, an analyst said.
Commenting on the fall Amol Athawale, VP-Technical Research, Kotak Securities said, “Today, our markets followed the trend of world equity markets, which closed with a massive drop in the last few days. They were down due to weak economy-related data as well as disappointing quarterly numbers. However, our markets held up relatively better than world markets, which fell by over 1.50%.”