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Shares of the Tata group company reversed day’s losses and traded nearly 1 percent higher at Rs 55.85 each.
Around 10 lakh shares changed hands on National Stock Exchange. The buyers and sellers were not known immediately.
The stock traded 45 percent below the Bloomberg one-year target price.
Indian benchmark indices traded lower in the final hour led by declines in Yes Bank and Indiabulls Housing Finance.
The S&P BSE Sensex traded 0.90 percent lower at 37,303.76 and the NSE Nifty 50 fell 0.91 percent to 11,001.80 as of 2:45 p.m. The broader markets represented by the NSE Nifty 500 Index fell 0.96 percent.
"The sentiment has changed since Friday but the underlying fundamentals and earnings (concerns) haven't changed to a large extent," said Rusmik Oza, senior vice president and head of fundamental research at Kotak Securities. Nifty may be rangebound between 10,600 and 11,500 in the near term on weak corporate earnings and more industries slipping into the slowdown net, he said, in an interview to BloombergQuint.
The market breadth was tilted in favour of sellers. About 1,170 stocks declined and 599 shares advanced on National Stock Exchange.
Nine of the 11 sectoral gauges compiled by NSE traded lower, led by the NSE Nifty Metal Index’s 3.50 percent decline. Nifty Realty Index was the top sectoral gainer, up 1.45 percent.
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The Nifty can hit 11,500 at best in the near term due to a 10 percent cut in earnings forecast currently and more in the future after second quarter results.
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Shares of the state-owned coal miner erased opening losses traded 0.4 percent higher to Rs 191.90 apiece.
Indian government moved a step closer to scrapping a cap on foreign investment in commercial coal mining, according to a Bloomberg report quoting a person aware of the development.
The stock has fallen 35 percent in the past 12 months compared to a 3.5 percent decline in the Sensex,
Shares of the Bengaluru-based company snapped its seven-day gaining streak. Coffee Day’s shares hit a lower circuit of 5 percent to trade at Rs 82.85 apiece.
Private equity firm TPG is in exploratory talks to buy the company, reported Economic Times, citing two people in the know of the development. The proposed transaction is expected to value the coffee chain between Rs 3,500-4,000 crore, the report said.
The stock trades at 15 times its estimated earnings per share,according to Bloomberg data.
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Shares of the private lender fell 8.6 percent intraday to Rs 27 apiece.
Credit rating firm S&P placed 'BB' long-term and 'B' short-term foreign currency issuer credit ratings of the bank on CreditWatch with negative implications, according to an exchange filing. The update was on account of the uncertainty regarding the bank's ability to meet its capital requirement in the next three months, the filing added.
The trading volume was nearly five times the 20-day average for this time of the day, Bloomberg data showed.
Indian equity indices fluctuated in opening trade as investors assessed the latest in the unpredictable path of trade talks between the U.S. and China.
The S&P BSE Sensex traded little changed at 37,645 and the NSE Nifty 50 rose 0.10 percent to 11,112.70 as of 9:22 am. The broader markets represented by the NSE Nifty 500 Index fell 0.14 percent.
The market breadth was tilted in favour of buyers. About 835 stocks advanced and 633 shares declined on National Stock Exchange.
Seven of the 11 sectoral gauges compiled by NSE traded higher, led by the NSE Nifty Pharma Index’s 0.80 percent gain. Nifty Metal Index was the top sectoral loser, down 0.65 percent.
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