Stock Market: Sensex Slides 330 Points, Nifty Holds 18,000 Amid Mixed Global Cues. Tata Motors Rises 5%

Stock update: On the 30-share BSE Sensex, TCS, Infosys, HDFC Bank, HDFC, SBI, TechM, and others were the prime losers. TCS dropped nearly 2.5 per cent on mixed December quarter results

In the broader market, the BSE MidCap and SmallCap indices were also flat with negative bias.

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Sensex and Nifty, the two key equity benchmarks, on Tuesday started trade in the red tracking mixed global sentiment.

At 9.45 am, the S&P BSE Sensex was down by 330 points to 60,417, while the NSE Nifty50 was trading at 18,019, down 82 points.

On the 30-share BSE Sensex, TCS, Infosys, HDFC Bank, HDFC, SBI, TechM, and others were the prime losers. On the flip side, Tata Motors, Tata Steel, M&M, PowerGrid, SunPharma, Titan, and others emerged winners.

Among individual stocks, shares of TCS dropped nearly 2.5 per cent on mixed December quarter results. The tech major clocked 11 per cent year-on-year (YoY) growth in net profit, and revenue for the quarter came in at Rs 58,229 crore, up 19.1 per cent YoY in reported terms and 13.5 per cent YoY in constant currency terms.

Shares of Tata Motors surged 5 per cent. The retail sales of automaker Jaguar Land Rover rose 5.9 per cent YoY in Q3FY23 reflecting a "gradual improvement in chip supplies". CLSA has upgraded the stock to 'buy'.

In the broader market, the BSE MidCap and SmallCap indices were also flat with negative bias.

Sectorwise, the Nifty IT index fell over 1 per cent, followed by the Nifty PSU Bank index (down 0.9 per cent). On the upside, the Nifty Metal index gained 0.8 per cent, while the Nifty Auto added 0.6 per cent.

In the previous session on Monday, Tthe BSE Sensex jumped 989 points to the day's high, eventually ended 847 points higher at 60,747. On the other hand, the broader NSE Nifty closed at 18,101 with a gain of 242 points.