The market remained under pressure amid choppy trade in morning, dragged by Tata Motors that lost 8 percent as brokerage houses slashed their target price sharply on the stock after disappointing earnings on domestic business and JLR front.
The 30-share BSE Sensex was down 59.18 points at 28280.13 and the 50-share NSE Nifty fell 15.50 points to 8776.80.
The broader markets also lost ground, with the BSE Midcap and Smallcap indices falling 0.4 percent and 0.6 percent, respectively. More than two shares declined for every share rising on the exchange.
Jindal Steel was the top midcap gainer, up more than 4 percent after better-than-expected earnings in Q3. Consolidated loss of the company narrowed to Rs 407.4 crore during the quarter, from Rs 869.7 crore in corresponding period of last fiscal on strong operational performance. Operating profit margin expanded sharply by 1110 basis points to 23.6 percent.
Sun Pharma cut some losses to 2.7 percent from 3.6 percent in early trade. Earnings missed analysts’ expectations.
ICICI Bank, Infosys, HDFC, Hero Motocorp, Adani Ports and Dr Reddy’s Labs were down 0.2-1 percent while HDFC Bank, ITC, Reliance Industries and L&T continued to support the market, up over half a percent.
Oil prices dipped over concerns that producer club OPEC would not be able to maintain its high compliance so far with output cuts aimed at reining in a global fuel supply overhang. Brent crude futures were trading at USD 55.61 per barrel, down 0.64 percent from their last close.