Market Wrap Podcast, Sep 29: Here’s all that happened in the markets today

The benchmark indices ended lower for the second consecutive session on Wednesday amid volatility. Recovery in European and buying at lower levels helped the indices recoup losses. The Nifty50 index closed at 17,711 levels, down 37 points. The BSE Sensex, meanwhile, ended with a loss of 254 points at 59,606. Overall, 18 of 30 Sensex stocks ended in the red, led by HDFC, UltraTech and Asian Paints.

The broader indices, however, ended in the green after rebounding from day’s low. The BSE Midcap closed 0.62 per cent higher, while the Smallcap index ended up 0.40 per cent. About 1830 shares have advanced on BSE, 1371 shares declined, indicating the breadth is in favour of advances.

On the sectoral front, the power, metal, pharma and realty indices added 1-3.5 percent, while selling was seen in the auto, bank, capital goods, FMCG names. Power stocks too continued to rally with the BSE Power index rising 3.5 per cent. The Power index surged to a 10-year high as power generation and consumption is expected to improve in FY22.

Coming to stock-specific moves, the shares of Godrej Properties ended over 3 per cent higher after the company said it will develop a residential project in Wadala, Mumbai. The stock of Sun Pharma and Lupin too gained on the back of product launches. However, Lupin ended marginally in the red on profit-booking.

That said, HDFC AMC fell over 5 per cent on the back of a block deal. At 09:15 am, around 11.06 million equity shares, representing 5.19 per cent of HDFC AMC’s equity, changed hands on BSE. Max Healthcare too slipped on the back of a block deal, wherein promoter Kayak Investments Holding likely sold 6.57% stake.

Now, in the primary market, the initial public offer by Aditya Birla Sun Life AMC opened for subscription today. The IPO was off to a slow start as it received 54 per cent bids on Day 1 of the bidding process. The IPO will remain open till Friday.

Today, Veeda Clinical Research filed for an IPO to raise Rs 831 crore. The issue will consist of an issuance of fresh equity shares worth up to Rs 331.60 crore and an offer for sale (OFS) of Rs 500 crore by promoters and existing shareholders.

Going into trade on Thursday, the are likely to continue their volatility ahead of the monthly derivative expiry for the September series. The technical indicator suggests a volatile movement in the market in a small range between 17600-18000. That apart, stock-specific moves and global cues will be among other major triggers for investors.

Dear Reader,

Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.

We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

Source link

Share Market Today