By Manoj Dharra
MUMBAI (Reuters) - The Sensex fell on Thursday as Tata Motors Ltd
Housing Development & Infrastructure Ltd
However, Larsen & Toubro Ltd
Investors are gearing up for more results from blue chips such as Maruti Suzuki India Ltd
"The earnings season so far is fairly in line, but budget, RBI policy are the next big cues," said Nilesh Shetty, Fund Manager at Quantum Asset Management Company.
"Valuations are not as attractive compared to a year ago, What worries me is the kind of stocks moving higher now," Shetty added.
The Sensex fell 0.51 percent, or 102.83 points, to end at 19,923.78.
The Nifty fell 0.58 percent, or 34.95 points, to end at 6,019.35.
Tata Motors shares ended 6.26 percent lower after the company said its Jaguar Land Rover (JLR) unit was likely to report a lower profit margin in the October-December quarter. (Read full story http://in.reuters.com/article/2013/01/24/tatamotors-shares-idINDEE90N01N20130124)
The warning, issued late on Wednesday, came as a surprise given that Tata shares had hit a record high earlier this month on a rally sparked by expectations of improving sales at JLR, and optimism about the launch of new models.
The oil ministry would soon submit its gas pricing proposal to the cabinet, a ministry official told Reuters on Wednesday.
Reliance Communications Ltd
However, ONGC rose 1 percent on expectations of gas price increases. Bank of America Merrill Lynch upgraded its rating on the state-run oil producer to "buy" from "neutral" due to the expected benefits.
Larsen & Toubro
(Additional reporting by Abhishek Vishnoi; Editing by Anupama Dwivedi)