Market Wrap Podcast, Sep 28: Here’s all that happened in the markets today

Indian equity benchmarks Sensex and Nifty50 closed in the red on Tuesday dragged by losses in financial and IT shares. Negative global market cues and profit taking pushed both Sensex and Nifty lower for the first time in four days.

The BSE Sensex bounced back after hitting a low of 59,045 in intra-day deals to finally settle at 59,668, down 410 points. The Nifty, meanwhile, tumbled 107 points to end at 17,749. In the 30-pack index, only nine stocks closed higher, led by Power Grid, NTPC and Sun Pharma. Whereas Bharti Airtel, Tech Mahindra and Bajaj Finance were the top losers.

The broader markets, too, declined in tandem with the benchmarks. The BSE Midcap index lost 0.71 per cent and the BSE Smallcap 0.62 per cent. The advance-decline ratio favioured the declines as 1502 shares have advanced, but 1755 shares declined.

In the sectoral space, barring Nifty PSU Bank, Pharma and Metal, all ended in the red. The Nifty Bank ended around 700 points from the day’s low after touching anew high of 38,377. The IT and realty indices fell 2-3 percent. Media, financial and private banking stocks too suffered losses. That said, the BSE Utilities index gained over 1.7 per cent and was the best performer on BSE in the sectoral space.

Coming to stock-specific moves, the shares of Bharat Heavy Electricals surged 6% on bagging an order from Goa Shipyard for warship gun mount. Rising crude oil prices too fired up select energy stocks including Oil India, HPCL, IOC, GAIL and BPCL.

The stock of Sun Pharma ended 3% higher after the company launched a novel formulation in cough management, Chericof 12 in India. IDBI Bank rallied 8% after ICRA upgraded its existing rating to “A+” from “A”.

Meanwhile, Antony Waste Handling Cell tanked 7% post a block deal. Reports suggest a large PE fund exited its stake in the company. Total transaction valued at Rs 150 crore.

Going into trade on Wednesday, the will continue to take cues from global ahead of the monthly derivative expiry for the September series scheduled this Thursday. Deepak Jasani, Head of Retail Research at HDFC Securities said large scale sell-off is not yet seen in the and hence hopes of Nifty touching 18,000 level over the next few days still remains alive. Auto stocks may continue to remain in focus, with monthly sales data to be announced on Friday.

Lastly, stock-specific flow, as well as related to COVID-19 vaccinations will also drive the markets.

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