Tata Motors shares surge 3% on bargain hunting

Tata Motors shares today rose by 3 per cent on bargain hunting after the stock saw a significant beating in the last few trading sessions.
Tata Motors scrip settled at Rs 353.45, up 2.99 per cent, on BSE.
Similarly, the stock was quoted at Rs 353.35, up 2.86 per cent, on NSE.
Marketmen said the uptick in the counter was largely because of bargain hunting as the stock has witnessed significant beating in the last few trading sessions and has lost 12 per cent since January 1.
The stock yesterday tanked over 6 per cent amid growing concerns over the Chinese economy.

According to market analysts, the downtrend in the stock was largely amid worries over a slowing growth in the world's second-largest economy. China is one of the biggest market for its luxury brand JLR.

Moreover, since China depreciated its currency, it could make JLR products costlier there.
China's central bank yesterday lowered the yuan against the US dollar by 0.51 per cent to 6.5646, the lowest since March 2011.
Marketmen further said that sentiment got dampened after global crude prices softened to multi-year lows following China's weakening currency and rising global stock reserve.