Leader Online Desk: The Indian stock market closed higher on Monday (Dec. 13), recovering from a steep initial decline. The Sensex closed up 111 points at 72,776. While the Nifty settled at 22,104 with a marginal gain of 48 points. Notably, the Sensex recovered over 900 points from the day's low in today's trading session.
What is the situation on the regional front?
At the sectoral level, Nifty Auto was the worst performer as Tata Motors shares fell. This index fell by 1.68 percent. Nifty PSU Bank, Oil and Gas fell by 1.2 percent and 0.8 percent respectively. While Nifty Pharma gained 1.8 percent. Nifty metals and realty rose 1.3 percent each. Nifty Bank gained 0.7 percent, Nifty IT gained 0.4 percent.
Stock market volatility
On the one hand, while the voting in the fourth phase of the Lok Sabha elections started on Monday (13), on the other hand, volatility was seen in the morning trading in the stock market. The Sensex and Nifty fell in early trade ahead of the release of domestic inflation data amid selling by foreign investors. Initially, the Sensex fell by as much as 700 points to below 72,000. While the Nifty fell over 200 to 21,840. After that, both indices surprised the investors by making a strong recovery again in the afternoon.
Which stocks are bullish?
Shares of Asian Paints, Sun Pharma, TCS, Axis Bank, HDFC Bank, ICICI Bank, LT, Tata Steel, Power Grid rose on the Sensex. While shares of Tata Motors became the top loser. The stock fell 9 percent to Rs 948. Along with this, shares of Bharti Airtel, SBI, Titan, Nestle India, M&M fell.
Cipla, Asian Paints, Adani Ports, Adani Enterprises, Divis Lab were the top gainers on NSE Nifty. These shares rose by 2 to 5 percent. While the shares of Tata Motors, BPCL, Shriram Finance, Bharti Airtel, Coal India fell.
Why Tata Motors Shares Fall Despite Strong Performance?
Tata Motors shares have been downgraded by three major global brokerages – Goldman Sachs, Morgan Stanley and Nomura. As a result, Tata Motors Share Price fell 9 percent to Rs 948 on BSE on Monday. The company's fourth quarter results are strong. Tata Motors' fourth-quarter consolidated net profit rose 222 percent to Rs 17,407 crore, while its revenue from operations rose 13 percent to Rs 1.2 lakh crore. Despite this, their shares tumbled today.
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