Sensex off to subdued start, Tata group stocks a drag

Tata Motors, Tata Steel , Tata group, Federal Reserve, FMCG stocks, quarterly earnings, Sensex today, Samvat year 2072,,
Tata Motors, Tata Steel , Tata group, Federal Reserve, FMCG stocks, quarterly earnings, Sensex today, Samvat year 2072,,

Mumbai: Market benchmark Sensex fell over 91 points on Tuesday as Tata group stocks pulled down the index after Cyrus Mistry was replaced as its chairman on Monday, amid mixed Asian cues.

Investors were also cautious ahead of October’s expiry in the derivatives segment on Thursday.

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The 30-share index declined 91.22 points, or 0.32%, to 28,087.86. Metal, oil, and gas, realty, PSU and power stocks ran up most losses.

The NSE Nifty broke the 8,700-mark by falling 22.45 points, or 0.26% at 8,686.50.

Brokers said sentiment was downbeat after Mistry was removed as chairman of India’s largest conglomerate Tata Group and replaced by his predecessor Ratan Tata in the interim, a development that can trigger a confrontation between the single-largest shareholder and the company’s founding family.

Major Tata group stocks such as Tata Steel, Tata Communications, Tata Steel, Tata Motors, Tata Power, Tata Chemicals and TCS all bore the brunt and fell by up to 3%.

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In the rest of Asia, Hong Kong’s Hang Seng was down 0.20% and Shanghai Composite fell 0.06% in early trade. Japan’s Nikkei was trading in the positive zone, rising 0.62%.

The Dow Jones Industrial Average had ended 0.43% higher on Monday.

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