"Inflation worries appear to be overpowering the Australian share market despite a dovish projection on the interest rate from the central bank," said Kunal Sawhney, chief executive officer of Kalkine Group said.

“It could be more of a consolidation phase between 16,500 and 18,500 levels and maybe wait for one or two quarter earnings growth and roll forward to FY24. Global brokerage houses lowering Indian exposure and shifting money to the China market has more to do with China’s underperformance over the last 12 months.”

Tata Motors has advanced 184% this year as investors bet that its trimmed down costs, new model offerings and improved leverage ratios will boost shares.

The defence sub-index dropped 3.9% amid easing tensions between U.S. and China in the meeting.

Promoters held 54.92 per cent stake in the company as of 30-Sep-2021, while FII and DII ownership stood at 17.83 per cent and 0.13 per cent, respectively.

“Internationally, we are present in 40 countries. We have a long runway for expansion in 80-100 countries in the future and also to build our ODM business more strongly.”

“Mid tier IT companies are going to have relatively higher sustenance as far as their growth is concerned going forward.”

A total of 14,540 shares changed hands on the counter till 01:56PM (IST)

The stock quoted a 52-week high of Rs 1766.5 and a 52-week low of Rs 371.2.

On the technical charts, the 200-day moving average of the stock stood at Rs 2815.44.