Markets Trades Lower, Tata Motors Gains Post Results

Benchmark indices were trading marginally lower with the Nifty declining, even as select banking stocks fell. Global cues were quiet, with Asian markets trading mixed.

The Nifty was trading with losses of 19 points, while the Sensex was down 30 points in early trade.

Shares in Axis Bank were little changed ahead of results to be declared later today. Tata Motors saw its shares gain after the company's consolidated net loss widened to Rs 307 crore in the September quarter due to the pandemic. However, Tata Motors expects a gradual recovery in the next few quarters as the pandemic eases, which pushed the shares almost 1.5 per cent higher.

ICICI Prudential Life saw its stock retreating marginally after the company reported a marginal rise in net profit to Rs 303 crore for the September quarter. ICICI Prudential Life had posted a net profit of Rs 302 crore during the similar period a year ago.

Kotak Mahindra Bank, which saw a spectacular rally of 11 per cent in its share price on Tuesday, gave up gains and was trading lower by 0.80 per cent. Reliance Industries was one stock that lent support to the market and was up 0.50 per cent in early trade.