Sensex Opens Flat, Nifty Below 18,100; Tata Motors Rallies 4%, TCS Falls 2%

Sensex Today: Indian indices opened on a flat note on Tuesday, January 10 amid mixed global cues after jumping over 1 per cent on Monday, amid buying in IT stocks.

The S&P BSE Sensex was at 60,561 levels in early deals, down 186 points, while the Nifty50 was hovering around 18,050, down 45 points. Both the benchmarks were trading 0.2 per cent lower.

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

Among individual stocks, shares of TCS (Tata Consultancy Services) dropped 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.

That apart, Tata Motors’ shares 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’.

Global Cues

Globally, Wall Street ended sharply off highs overnight. The Dow Jones fell 0.34 per cent, the S&P 500 lost 0.08 per cent, and the Nasdaq Composite added 0.63 per cent.

Investors are waiting for US Fed chairman Jerome Powell’s speech at a central banking conference in Sweden, later tonight, just two days prior to the release of inflation report.

Nearer home, Japan’s Nikkei 225 rose 1.08 per cent, Australia’s S&P/ASX 200 fell 0.19 per cent, while South Korea’s Kospi was flat this morning.

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