The Nifty fell more than 2 percent on Tuesday as market heavyweight Tata Motors slumped after posting weaker-than-expected earnings, and lenders such as ICICI Bank and HDFC Bank declined.

 

The index closed down 2.26 percent at 8,108.45, and ended below the 200-day moving average, typically a bearish technical signal for the near-term. The benchmark Sensex ended 1.92 percent lower at 26,304.63.

 

While Tata Motors was one of the main decliners, ending down 9.84 percent, ICICI Bank and HDFC Bank dropped 2.4 percent and 1.65 percent, respectively.

 

Oil companies have decreased petrol and diesel prices by Rs 1.46 per litre and Rs 1.53 per respectively. The new prices will be effective from midnight tonight. The change in prices comes 10 days after a minor increase on November 5th. On November 5th, petrol price was raised by 89 paise per litre, the sixth increase in rates since September, and diesel by 86 paise a litre, the third increase in a month.

 

The price cut announced by Indian Oil Corp (IOC) is excluding local sales tax or VAT and will be effective from midnight tonight.