A lack of fresh triggers saw the Indian markets close relatively flat on Tuesday, up around 0.3 per cent. The BSE Sensex closed at 17316, up 0.25 per cent from its previous close. The NSE Nifty ended the day at 5274, up 0.34 per cent.
“Post-Budget the markets have always been a little lacklustre. There were no fresh triggers in the market today and no important triggers are expected till at least the end of this month. Markets will be mainly looking at global cues for further direction for now,” said Mr Dharmesh Pancholi, Senior Manager- Advisory (Equity), Sharekhan.
The auto sector was the worst performer of the day, with the sector index down 1.5 per cent on both the BSE and the NSE. This was mainly led by the heavy decline in the Tata Motors scrip. The scrip has a 29 per cent weightage on the BSE auto index.
On the BSE, the stock of Tata Motors was down 4.2 per cent at Rs 271.60. On the NSE, the scrip was down 4.07 per cent at Rs 271.90 per share. Fears of future JLR sales of Tata Motors getting affected by the 25 per cent discount announced by Mercedes in China was the main reason for the drop in the stock price. Jaguar and Land Rover sales contributed to 95 per cent of the company’s profits in the quarter end-December.
Of the BSE 30 stocks, the top five stocks for the day were Sun Pharma, HDFC Bank, Jindal Steel, DLF and Cipla. The top five laggards were Tata Motors, Coal India, Hindalco, Bajaj Auto and Bharti Airtel.