Tata Motors loses 12%, Nifty ends below 5000 ahead of GDP data

It was a volatile session for the markets today, ahead of the GDP numbers and the F&O expiry tomorrow. Both the BSE Sensex and the Nifty fell by 0.77 percent. The BSE Sensex closed 126 points lower at 16,312 while the Nifty closed at 4,950.

The BSE midcap and the small cap also fell more than one percent. Among sectoral indices, autos were the biggest losers with a 4 percent fall followed by realty and consumer durables.

[caption id=“attachment_326253” align=“alignleft” width=“380” caption=“The BSE Sensex closed 126 points lower at 16,312 while the Nifty closed at 4,950.”]  [/caption]

Clearly, the biggest loser on the bourse was Tata Motors whose shares dropped as much as 11.8 percent wiping more than $1.5 billion off the value, following deep disappointment about the fall in operating margins at its Jaguar Land Rover unit while rival Mahindra and Mahindra was up marginally 0.33 percent. It reported a forecast-beating 44 percent jump in quarterly profit, helped by an exceptional gain and strong volume growth in the face of rising input costs.

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UBS cut its 12-month price target for Tata Motors to Rs 270 from Rs 320, maintaining its “sell” rating after the auto maker’s weaker-than-expected operating earnings.

Stock specific news :

•Tata Chemicals falls 0.5 percent. It reported net profit at Rs185 cr vs 73.8 cr yoy

•GAIL Q4 net profit at Rs 483 vs Rs 783 cr yoy, stock falls 2 percent

•Essar Ports reports Q4 net loss at Rs 61.5 crore vs profit of Rs 11.5 cr yoy; stock falls 1 percentto Rs 89

•Shree Renuka Sugars falls 3.6 percent at Rs 26.25 after the company reported a consolidated net loss of Rs 71.90 crore in the quarter ended March 2012

•HDIL slips 2.5 percent after Q4 net profit rose to Rs 315.5 crore vs Rs 185.2 crore yoy.

(with inputs from Reuters)