Sensex Struggles, Tata Motors Slumps 9% On Earnings Disappointment

Benchmark sensex tumbled about 184 points on Wednesday to close at a two-week low of 28,155.56 with auto, realty and pharma counters taking a big hit.

The NSE Nifty fell by 17.10 points, or 0.19 per cent, to 8,775.20. Hong Kong's Hang Seng rose 0.58% and Japan's Nikkei gained 0.41% following another record close in the US markets on Friday as investors cheered US President Donald Trump's promise of details on tax reform and his softer tone on China and Japan. On the NSE, 12 shares closed in the green, while 38 shares ended the day in the red and one remained unchanged.

Shares of the automaker fell as much as 8.5 percent to Rs 440, for the fifth day in a row after the company's net profit for the October-December quarter declined a whopping 90 percent. The BSE Small-Cap index provisionally dropped 1.52 per cent. Sun Pharma shares tumbled 4.3 percent after the drug major reported a 5 percent drop in Q3 net profit amid lackluster sales in two of its largest markets - USA and India.

Major losers in the 30-share index were Tata Motors (10.32%), Sun Pharmaceutical Industries (4.16%), Bharat Heavy Electricals (2.84%), Tata Steel (2.26%), Adani Ports and Special Economic Zone (1.97%), and Hero Motocorp (1.81%).

The BSE market breadth was, however, tilted in favour of the bears - with 1,787 declines and 1,081 advances. Broader markets are also erasing gains after budget rally.

The wholesale price index (WPI) based inflation, reflecting the annual rate of price rise, in December stood at 3.39 percent. A total of 144 shares were unchanged.

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