Tata Motors drag down Indian markets

Tata Motors drag down Indian markets

The barometer 30-scrip sensitive index (Sensex) of the BSE, which opened at 28,386.12 points, traded at 28,349.31 points (at 1.50 p.m.) - down 2.31 points, or 0.01 per cent, from the previous close at 28,351.62 points. BSE Midcap and Smallcap indices plunged 1.2 per cent and 1.5 per cent respectively. Meanwhile, Foreign portfolio investors (FPIs) bought shares worth a net Rs 504.51 crore last Friday, as per provisional data released by the stock exchanges. The declines in both these indices were higher than the Sensex's drop in percentage terms.

Major losser was Tata Motors slumped 10.32 per cent with the stock extending yesterday's 3.68 per cent fall triggered by the company's weak Q3 December 2016 results.

The market breadth remained negative as 2,147 stocks ended lower, 688 closed higher while 150 ruled steady. Broader markets are also erasing gains after budget rally.

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Hong Kong's Hang Seng led the pack by rising 1.23 per cent, while Japan's Nikkei rose 1 per cent. Shanghai Composite Index shed 0.15 per cent.

Some of the key stocks that gained o Tuesday were GAIL, Bharti Airtel, Reliance Industries, ONGC, ICICI Bank, Idea Cellular and Eicher Motors while top losers included Tata Motors, Hero Motocorp, HUL, Maruti Suzuki, Bajaj Auto, Tata Motors DVR, BPCL and Zee Entertainment. The shares of Tata Motors Ltd, DLF Ltd, PC Jeweller fell and Gitanjali Gems fall while the shares of Vivimed Labs, among others, rise.

While Sun Pharma is trading at Rs 627 per piece on BSE, tumbling by Rs 23.15 or 3.56%.