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Markets barely change, Tata Motors drops

Markets barely change, Tata Motors drops
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First Published: Tue, Mar 09 2010. 10 27 AM IST
Updated: Tue, Mar 09 2010. 10 27 AM IST
Mumbai: Indian shares treaded water on Tuesday after climbing more than 5% over the past 10 days, but Tata Motors was in reverse gear after a series of block deals.
German carmaker Daimler was the seller of stock in Tata Motors, one source with direct knowledge of the transaction said, after exchange data showed large deals for more than 25 million shares.
Tata Motors fell as much as 5.9%, before trimming losses to 3.2% at Rs771.20 by 10:02am. On Monday, sources had said Daimler was selling its 5.34% stake in Tata Motors for up to $429 million.
The 30-share BSE index was trading up 0.01% at 17,103.68, with 12 of its components gaining. It had climbed to a six-week closing high in the previous session, extending a rally kicked off the national budget on 26 February. The 50-share NSE index was down 0.1% at 5,119.95.
“We had run up a lot after the budget. What we are seeing now is a pause,” said Rajen Shah, chief investment officer at Angel Broking.
Foreign funds have poured in more than $900 million in the four sessions to March 4, latest data showed.
Non-ferrous metals producer Sterlite Industries was down 0.8% on softer copper prices.
Aluminium maker Hindalco and Tata Steel, the world’s eighth-largest steel maker by output, dropped 1.4% each.
Software companies led the gainers as business momentum remained good, analysts said.
Sector leader Tata Consultancy Services was up 1.3%, while rivals Infosys Technologies and Wipro gained 1.2% and 1.8% respectively.
Late on Monday, Wipro Infotech, a unit of Wipro said it had received a turnkey project to set up a financial intelligence network for the finance ministry.
In the broader market, losers led gainers in the ratio of 1.2:1 on volume of 126 million shares.
Asian stocks drifted lower as investors paused in their recent chase for riskier assets.
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First Published: Tue, Mar 09 2010. 10 27 AM IST
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