Sensex: Banks Lower Sensex 287 Points in Volatile Trade; Nifty ends below 17,650
At the sector level, purchases focused on pharma, PSU banks and real estate. Others like metal and private banks were under pressure. However, larger markets have seen momentum.
The 30-pack Sensex shares lost 286.91 points or 0.48% to close at 59,126.36. The index hovered in a range of 538 points. Its larger counterpart NSE Nifty lost 93.15 points or 0.53% to 17,618.15.
“Concerns over the US debt ceiling crisis and rising bond yields have triggered further consolidation. The domestic market has also become vigilant ahead of the release of core sector production data for August, ”said Vinod Nair, research manager at Geojit Financial Services.
Market at a glance:
- Bajaj twins in the spotlight, earn more than 2%
- Power Grid sees profit reservation; ends almost 3 percent down
- IPO Watch: Aditya Birla AMC has subscribed to 97% to date
- Paper stocks recover after DGTR recommends anti-dumping duties
- Zee Entertainment ends down 2% as Invesco slides it to NCLT
Among the big names, Bajaj Finance was the first winner, with an increase of 2.11%. Bajaj Finserv, Tata Motors, NTPC, Sun Pharma, Titan, HUL, SBI Life Insurance and Dr Reddy’s Labs were other winners.
Power Grid was the big loser of the Nifty pack, dropping 2.82%. Asian Paints, Shree Cement, Axis Bank, Eicher Motors, Hero MotoCorp and Indian Oil were others who finished in the red.
Larger market indices ended higher, outperforming their major peers. Nifty Smallcap rose 0.75% and Nifty Midcap rose 0.36%. Nifty 500, NSE’s largest index, ended down 0.23%.
“The markets are expected to continue to decline as they are in consolidation mode. Automakers will report their September sales figures from tomorrow.”
Sequent Scientific, Maharashtra Bank, CESC, Aditya Birla Fashion Retail, Vodafone Idea and Indian Bank were the main winners in the mid and small cap indices, climbing 4-9%.
Hindustan Zinc, REC, Hindustan Copper, Graphite India, CAMS and HEC were the main losers in the larger market space, falling in the range of 2-4%.
The sector matrix on the NSE was mixed. Nifty Realty gained 1.47 percent, followed by 0.80 percent gain in Nifty PSU Bank. Nifty Media was the big loser, down 0.91%. Nifty Metal and Nifty Bank were other big losers.
The size of the market was in favor of the winners as 1,842 stocks ended in the green while 1,432 names settled with cuts. Up to 220 stocks hit 52-week highs, mostly in the small-cap space. Meanwhile, 24 names hit 52-week lows, mostly in the microcap space. Approximately 400 stocks reached the upper limits of the circuit and 155 the lower limits of the circuit.
European markets traded in a mixed manner. The London-based FTSE rose 0.07% while Paris and Frankfurt fell 0.13% and 0.41%, respectively. In Asia, Hong Kong, Thailand and Japan finished in the red. The rest of the markets posted losses.