Sensex, Nifty Fall For The 6th Straight Day, Tata Motors Surges 8%

Markets ended the day lower for the 6th straight day, with selling in frontline stocks like State Bank of India and ICICI Bank. The markets ended the week with massive losses as today saw losses of 136 points on the Sensex. The Bank Nifty fell a solid 1.45 in trade, which dragged the markets lower. Tata Motors was a star, following its good corporate numbers. Emkay Global has estimated a target price for the stock at Rs. 535. The stock is expected to offer a 43.7% upside, in 1 year.

The shares gained as much as 8% in trade today. The other stocks that gained were Sun Pharma, Mahindra and Mahindra and Hindustan Unilever.

Shares in SBI dropped, after the bank's quarterly numbers did not match expectations. The Bank reported a 41.27 per cent jump in standalone net profit for the quarter ending March at Rs 9,113.53 crore, up from Rs 6,450.75 crore in the same quarter a year ago.

This also dragged other banking stocks lower, including ICICI Bank and HDFC Bank, both of which are heavyweight stocks. Buying in Reliance Industries helped support the market to an extent or else we would have seen a sharper fall.

While overall weakness is expected to continue, markets are now in oversold territory after witnessing a sharp decline in the last few trading sessions. India VIX spiked by 6% to 25 zones - 7 weeks high, indicating that uncertainty may continue in the market for some more time.