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SHARES of Tata Motors on Tuesday bucked the general downturn. It closed at Rs 480.85, up 1.21 per cent, on the BSE with volumes of 8.34 lakh shares.

On the NSE, it closed at Rs 480.15, up 1.08 per cent, with volumes of 20.45 lakh shares.

Dealers said there was interest in the counter from select market players despite the current bearish environment. This is due to expectation of positive announcement likely to be made by the company soon.

The announcement is beyond the sales figures or financial results. However, the exact nature of the expected corporate announcement was not known.

Not so bullish on numbers

With Wednesday being the big day for the IT sector, all eyes would be on Infosys Technologies financial results.

Market talk is that the IT major is likely to show net profit of around Rs 500 crore.

Moreover, the talk is that the guidance by the company this time would not be very optimistic. This would mainly be due to the bearish sentiment prevailing for the US dollar.

The market feels that if these kind of numbers are shown by the company, it would not be taken very well.

Market players who had these numbers during market hours sold a large part of their positions.

At close, the stock was down 1.16 per cent at Rs 1970.95 on BSE with volume of 5.75 lakh shares, and, on NSE, it ended at Rs 1971.65 down 1.17 per cent with volume of 21.30 lakh shares.

Mid-caps take a beating

After the fall in the index heavy weights, mid-cap stocks took a beating on Tuesday.

This was seen from fall in CNX Mid-cap index by 2.61 per cent and Nifty Junior by 2.82 per cent.

In comparison S&P CNX Nifty was down by 1.51 per cent. Similar fall was seen in BSE's broader indices such as BSE 200 and BSE 500.

The talk is that several market players who play the market on borrowed funds have started offloading their holdings in mid-cap stocks.

After the last week fall in large cap stocks, these players did not offload their holdings on expectation of recovery in the market this week.

But the fall on Monday led them to offload some portion of their mid-cap holdings.

The talk is that if the market continues to fall, mid-cap stocks would be badly affected.

Virendra Verma

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