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BENGALURU (Reuters) - Indian shares reversed course to tick lower on Tuesday, dragged down by losses in auto stocks after sector bellwether Tata Motors warned a worsening chip shortage would hit its Jaguar Land Rover unit.
The blue-chip NSE Nifty 50 index closed down 0.1% at 15,818.25, while the benchmark S&P BSE Sensex ended 0.04% lower at 52,861.18 after touching an all-time high earlier in the day.
Shares of Jaguar Land Rover parent Tata Motors dropped as much as 10% after it said that semiconductor supply constraints would deepen in the near term, impacting the unit s performance.
The Nifty Auto index which had risen 0.66% in the morning, ended 1.74% lower.
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Sensex, Nifty end lower Tata Motors shares fall sharply
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Sensex, Nifty Fluctuate As Rebound In Banks Offset Reliance Slide Bank stocks were among the top boosts on the index, with shares of HDFC Bank rising 2.2 per cent to become the biggest boost to Nifty.
Updated: January 25, 2021 1:34 pm IST
The domestic benchmarks swung between gains and losses as gains in banking stocks outweighed a slide in Reliance Industries, triggered by a sharp drop in third-quarter revenue at the conglomerate s oil-to-chemicals business.
The blue-chip NSE Nifty 50 index rose 0.17 per cent to 14,396, while the benchmark S&P BSE Sensex gained 0.12 per cent to 48,938 by 1:31 pm. Today is a day of volatility after the correction on Friday . It remains a buy on dip market, said Samrat Dasgupta, chief executive officer at Esquire Capital Investment Advisors in Mumbai.