Sensex, Nifty Open Lower; Tata Motors Shares Up 6%
(RTTNews) - Indian shares opened lower on Tuesday on the back of mixed global cues and disappointing earnings from Tata Consultancy Services (TCS), the country's largest IT services company.
The benchmark S&P BSE Sensex dropped 296 points, or half a percent, to 60,451 in early trade, while the broader NSE Nifty index was down 78 points, or 0.4 percent, at 18,023.
HDFC fell over 2 percent and IOB tumbled 3.4 percent after raising their lending rates.
TCS lost 2.4 percent. The IT services company missed profit estimates for the December quarter and flagged challenges in Europe where it draws a bulk of its revenue.
Paytm fell about 1 percent after it reported a four-fold jump in loan disbursals in December 2022.
Tata Motors soared 6 percent after reporting a 13 percent rise in global wholesales in Q3FY23.
Metal stocks such as Tata Steel and Hindalco were up over 1 percent each on China reopening optimism.
JSW Steel was up 0.7 percent after its combined output grew 17 percent in Q3.
PVR gained 0.6 percent on news the film exhibition company is aiming to add 100 more screens in the next 15 months.
ONGC rose 0.8 percent. Its overseas arm ONGC Videsh has re-taken a 20 percent stake in the Sakhalin-1 oil and gas fields in the far east region of Russia.
Sona Blw Precision Forgings jumped 4.6 percent. The auto component maker is acquiring a 54 percent stake in Serbia-based Novelic for around Rs. 356 crore.
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