Stock-specific movement, despite December quarter reports, and mixed global trends weighed on equity markets in early trade on Tuesday. The S&P BSE Sensex was trading at 60,220, down nearly 500 points, while the Nifty50 was trading at 17,950, down 140 points. The benchmarks were both trading 0.7% down. The BSE MidCap and SmallCap indices fell up to 0.4% in the broader market. The Nifty PSU Bank index fell 2.2 percent, followed by the Nifty IT index (down 1.6 per cent). On the plus side, the Nifty Auto gained 0.7%. TCS (Tata Consultancy Services) shares fell more than 2% as a result of mixed December quarter results. TCS reported an 11% year-on-year (YoY) increase in net profit, while revenue for the quarter was Rs 58,229 crore, up 19.1% in reported figures and 13.5 percent in constant currency terms. Apart from that, Tata Motors' stock increased by more than 6%. The retail sales of automaker Jaguar Land Rover grew 5.9 per cent YoY in Q3FY23 suggesting a "gradual improvement in chip supplies". CLSA has upgraded the stock to a 'buy' rating.