Mumbai Tata group stocks on Friday bounced back after three days of continuous decline, rising up to 5.6 per cent, on value-buying at a lower level.
Tata Motors jumped 2.89 per cent, Tata Steel rose 1.81 per cent and Tata Power gained 1.75 per cent on BSE.
Besides, Tata Metaliks soared 5.57 per cent, Tata Elxsi 4.95 per cent, Tata Teleservices 4.51 per cent, Tata Communications 3.87 per cent, Tata Global Beverages 2.42 per cent, Tata Coffee 2.25 per cent, Tata Chemicals 1.78 per cent and Indian Hotels (0.86 per cent).
But TCS was still trading in the red during the early trade.
The group stocks had lost value over the last three days, taking the total market value erosion to over Rs. 26,000 crore, amid concerns over sudden ouster of Cyrus Mistry as chairman of Tata Sons, the main holding firm for the group companies.
These stocks had also lost ground amid worries about purported disclosure made by ousted group chairman Mistry about huge write-down risks at some firms.
Tata Steel and Indian Hotels on Thursday said they have always made all relevant disclosures and have no further comments to offer following the comments made by Mistry that Tata group firms could face a potential USD 18 billion writedown.
Sensex falls
The Sensex fell almost 106 points to 27,810 at the start of the last trading session of the Samvat year 2072 on Friday, hit by muted quarterly earnings by some blue-chips amid capital outflows.
The trend remained mixed in the global market.
The day marked the beginning of the November series of derivatives contracts, but it appeared that investors chose to play safe.
The 30-share index dropped 105.90 points, or 0.37 per cent, to 27,810, with banking, IT, technology and FMCG stocks pulling the index lower.
It had gained 79 points in the previous session.
The broad-based Nifty slipped below the 8,600-level by losing 24.60 points, 0.28 per cent, to 8,590.65.
Brokers said sentiment remained bearish on sustained foreign fund outflows and a mixed trend in Asia on increasing expectations that Federal Reserve will raise interest rates by the end of this year.
Investors were decisively cautious with today being the last session of Hindu Samvat Year 2072, which had a bearing on sentiment.
After all the turbulence, select Tata group shares came back to the green on value-buying. Tata Motors and Tata Steel were trading higher by up to 2.71 per cent.
Hong Kong’s Hang Seng was down 0.36 per cent while Japan’s Nikkei jumped 0.52 per cent in early trade on Friday. Shanghai Composite dropped 0.03 per cent.
The US Dow Jones Industrial Average ended 0.16 per cent lower on Thursday.
