“Friday was a good day and over the next few days, any investor with a time horizon of one year and above can go and buy into these stocks because these companies are doing well and will continue to do well. The banks clearly stand out in that sense because they are down pretty sharply today. "

Adani Enterprises, Adani Ports, SBI, ICICI Bank and IndusInd Bank were among the biggest losers on the Nifty, while gainers were Tata Motors, Bajaj Auto, Dr Reddy’s Laboratories, ITC and Divis Laboratories.

“There will always be uncertainty when a group has made its market cap past Rs 20 lakh crore in the last five years but it is on the back of businesses which are there. It all seems concerted. It tells us how insider trading is very open right now. SEBI and stock exchanges should look to who had initiated this and where was the call writing and put and hence the option market.”

"Tata Motors should witness a gradual recovery as supply-side issues ease (for JLR) and commodity headwinds stabilize. It will benefit from macro recovery in India, company-specific volume/margin drivers, and sharp improvement in FCF and leverage in both JLR and the India business," Motilal Oswal said.

“The critical point for Tata Motors always was that the operating leverage is so huge that once the turnaround happens and if it sustains, then the profits which come will be so large that the stock becomes suddenly very cheap. Most analysts have projections of Rs 30 to 50 EPS for next year and the stock is cheap. We have bought into Tata Motors after a long time. There could be significant upsides over the next two years.”

The Nifty Auto index was trading 1.27 per cent up at 13122.1.

The Nifty Pharma index was trading 0.72 per cent up at 12529.85.

EBITDA margin improved by 176 bps YoY to 24.2% despite soft Revlimid sales, mainly driven by an improvement in the mix. The net profit grew by 9.9% YoY to Rs8bn mainly on the back of a strong operational performance, which was partially offset by a higher tax rate on account of DTA reversal.

The Nifty IT index was trading 0.13 per cent down at 30005.6.

The Nifty Realty index was trading 0.91 per cent down at 409.0.

The Nifty Bank index was trading 1.8 per cent down at 40898.1.

Even as the firm remains confident of being on the growth trajectory in the forthcoming quarters, Tata Motors is likely to miss its target of being near zero net debt company at a consolidated level by the end of FY2023-24, P.B Balaji, chief financial officer, Tata Motors Group said in a post earnings call.

Consolidated revenue from operations rose 22.5% YoY to Rs 88,489 crore. The topline too, beat the estimated figure of Rs 82,738 crore.

Tata Motors, incorporated in the year 1945, is a Large Cap company (having a market cap of Rs 140208.27 Crore) operating in Auto sector.

Tata Motors, incorporated in the year 1945, is a Large Cap company (having a market cap of Rs 140208.27 Crore) operating in Auto sector.

Stocks that were in focus include names like Maruti Suzuki which rallied more than 3% post Q3 results, Tata Motors which gained more than 3% ahead of results on Wednesday, and TVS Motor Company which closed flat.

The automaker is seen posting a consolidated net profit of Rs 285 crore, compared with a loss of Rs 1,516 crore a year ago, and a loss of Rs 945 crore a quarter ago. Tata Motors production in the December quarter rose 12% on-year to 221,416 units, due to strong demand in the domestic market, even as exports nearly halved.

The BSE midcap and smallcap indices shed 0.3-0.4 percent.

The company was listed in the US in 2004. Each ADS of Tata Motors represents 5 ordinary shares of the company

The NSE Nifty index closed 57.5 points down at 18107.85

"There is this fear of recession, which we have not yet seen but it is sort of expected and stocks try to price that in."

The NSE Nifty index closed 112.05 points up at 18165.35

The NSE Nifty index closed 112.05 points up at 18165.35

Credit Suisse maintained an outperform rating on Bank of India with a target price of Rs 110. Core profitability has improved, and the provisioning remains elevated, it said.