Indian shares moved closer to record highs on Tuesday before giving up all early gains to end lower after Tata Motor, the parent of luxury car maker Jaguar Land Rover, warned of negative EBIT margin in the second quarter ended September 2021, due to the supply constraints.
Concerns about rising oil prices and lackluster cues from Asia and Europe also prompted traders to book profits at higher levels.
Crude oil prices reached their highest levels since 2018 today after OPEC+ ended days of talks without an agreement to boost production in the face of rising global demand.
The 30-share BSE Sensex ended down 18.82 points, or 0.04 percent, at 52,861.18 after hitting as high as 53,129 earlier in the day.
The broader NSE Nifty index settled down 16.10 points, or 0.10 percent, at 15,818.25.
Tata Motors shares plunged 8.5 percent. The company said it expects chip shortages to continue through to the end of the year and beyond.
Mahindra & Mahindra, TCS, Coal India and Tech Mahindra dropped 1-2 percent, while Shree Cement and UltraTech Cement both rose over 3 percent after reports that industry volumes likely increased in high-teens on a month-on-month basis in June.
Financials ended broadly higher, with SBI Life, Bajaj Finance and HDFC Bank climbing between 1.5 percent and 2.4 percent.
Market Analysis
Sensex, Nifty End Choppy Session Marginally Lower
2021-07-06 10:44:31
