Stock Market: Sensex Tanks 631 Points, Nifty Ends Below 18,000 On Mixed Cues. Tata Motors Surges 6%

Stock update: On the 30-share Sensex platform, Airtel, SBI, HDFC Bank, UltraCemco, HDFC, ICICI Bank, and others were the prime losers

Sensex and Nifty, the two key equity markets, closed in the red on Tuesday tracking tepid foreign flows and mixed global cues.

The S&P BSE Sensex settled at 60,115, down 631 points, while the NSE Nifty50 ended at 17,914, down 187 points. In the intra-day trade, Nifty50 sank over 200 points to hit day's low of 17,856 levels, while the S&P BSE Sensex fell over 800 points to hit day's low of 59,938 levels.

On the 30-share Sensex platform, Airtel, SBI, HDFC Bank, UltraCemco, HDFC, ICICI Bank, and others were the prime losers. On the flip side, Tata Motors, PowerGrid, Tata Steel, HUL, IndusInd Bank, Wipro, and others emerged winners.

Among individual stocks, shares of TCS (Tata Consultancy Services) dropped over 2 per cent on mixed December quarter results. TCS reported 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 over 6 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 markets, Nifty MidCap 100 and Nifty SmallCap 100 indices fell up to 0.5 per cent.

India VIX, the volatility gauge, meanwhile, surged over 5 per cent.

Barring Nifty Auto index, all sectors drowned in the sea of red. Nifty PSU Bank was the worst hit amongst all sectoral indices as it declined over 2 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.