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Tuesday, October 26, 2021

Market Highlights: Sensex slips 125 points, Nifty ends below 17,600-mark; Metals, PSU Banks drag

Share Market, Stock Market Highlights: The S&P BSE Sensex ended at 59,015.89, down 125.27 points (0.21 per cent), while the Nifty 50 settled at 17,585.15, down 44.35 points (0.25 per cent).

By: Express Web Desk | New Delhi |
Updated: September 17, 2021 6:03:38 pm
Bombay Stock Exchange building. (Express archive photo)

Share/Stock Highlights: The benchmark equity indices on the BSE and National Stock Exchange (NSE) erased all of their day’s gains after lifetime highs and ended marginally lower on Friday amid profit booking.

The S&P BSE Sensex slipped 125.27 points (0.21 per cent) to end at 59,015.89 while the Nifty 50 settled at 17,585.15, down 44.35 points (0.25 per cent). Earlier in the intraday trade, the Sensex had touched a record high of 59,737.32, while the Nifty has scaled 17,792.95.

Kotak Mahindra Bank was the top gainer on the Sensex pack ending over 5 per cent higher. It was followed by Bharti Airtel, HDFC Bank, Maruti Suzuki India, Nestle India and Bajaj Finserv. However, on the other hand, Tata Steel was the top laggard on the BSE benchmark falling over 3.5 per cent. It was followed by State Bank of India (SBI), Tata Consultancy Services (TCS), Hindustan Unilever (HUL), Reliance Industries (RIL) and Sun Pharmaceutical Industries.

Among the sectoral indices on NSE, the Nifty PSU Bank index crashed 2.96 per cent weighed by Punjab National Bank (PNB), Bank of Baroda and Indian Overseas Bank (IOB). The Nifty Metal index fell 2.38 per cent dragged by Tata Steel, Steel Authority of India (SAIL) and MOIL.

In the broader market, the S&P BSE MidCap index ended at 25,046.48, down 290.08 points (1.14 per cent) while the S&P BSE SmallCap settled at 28,006.79, down 299.26 points (1.06 per cent). The vlatility index or India VIX surged 5.68 per cent to 15.2325.

(with inputs from agencies)

Live Blog

Stocks, BSE Sensex, NSE Nifty, Crude oil prices, gold, silver prices, commodity market and money markets LIVE updates:

16:11 (IST)17 Sep 2021
Rupee settles 4 paise higher at 73.48 against US dollar

The rupee closed 4 paise higher at 73.48 (provisional) against the US dollar on Friday, tracking the broad weakness of the American currency in the overseas market.

At the interbank forex market, the local unit opened flat at 73.49 against the greenback. During the session, the domestic unit witnessed an intra-day high of 73.42 and a low of 73.55.


16:06 (IST)17 Sep 2021
MARKET QUOTE | S Ranganathan, Head Of Research, LKP Securities on Friday's market performance

"While the pace of vaccinations and encouraging export data helped Bulls get closer to the 60,000 mark amidst the FTSE & MSCI rebalancing of flows, profit taking took away all the gains ahead of the GST Council Meet. Even as the BFSI biggies held fort today, the cut in the Small & Midcap indices weakened market breadth as was evident in the Advance-Decline ratio at close today."

16:05 (IST)17 Sep 2021
MARKET QUOTE | Vinod Nair, Head Of Research, Geojit Financial Services on Friday's market performance

"Despite a strong opening, domestic indices gave up early gains to trade flat driven by profit booking and mixed global sentiments. PSU Banks were heavily wounded by profit booking although the government approved a guarantee of Rs 30,600 crores to the National Asset Reconstruction Company Ltd with an aim to clean stressed assets from the banking sector. Global markets traded cautiously bracing for the Fed Reserve and Bank of England policy meetings next week."

15:37 (IST)17 Sep 2021
Equity markets at close

The S&P BSE Sensex ended at 59,015.89, down 125.27 points or 0.21 per cent, while the Nifty 50 settled at 17,585.15, down 44.35 points or 0.25 per cent.

13:46 (IST)17 Sep 2021
GST Council meet begins: rate review of 50 items, petrol and diesel on the agenda

Finance Minister Nirmala Sitharaman is chairing the 45th Goods and Services Tax (GST) Council meeting today in Lucknow. The crucial meeting is expected to review over 50 items in the form of rate changes and clarifications.

This, along with discussions to extend the compensation mechanism for states beyond the existing legal mandate till June 2022 are some of the key issues on the agenda of today’s GST Council meeting. Click here to read

12:10 (IST)17 Sep 2021
IPO Wrap: Sansera Engineering IPO subscribed 11.47 times on final day led by QIBs, non institutional investors

The initial public offering (IPO) of auto-components manufacturer Sansera Engineering, which was launched earlier this week was met with a firm demand by the investors.

Sansera Engineering IPO was subscribed 11.47 times on the final day, data available on the National Stock Exchange (NSE) showed. The Rs 1,283 crore offer received bids for over 13.88 crore (13,88,39,000) shares against the total issue size of 1.21 crore (1,21,09,166) shares, the data showed. Click here to read

10:56 (IST)17 Sep 2021
Rupee in early trade

The Indian rupee inched higher by 6 paise to 73.46 against the US dollar in opening trade on Friday, tracking a firm trend in domestic equities.

Forex traders said the broad weakness of the American currency in the overseas market and sustained foreign fund inflows supported the local unit, while firm crude oil prices restricted the gains.

At the interbank foreign exchange, the rupee opened at 73.49 against the dollar, then inched higher to 73.46, up 6 paise over its previous close.


10:05 (IST)17 Sep 2021
Crude oil check

Oil prices fell on Friday as more supply came back online in the US Gulf of Mexico following two hurricanes, but both benchmark contracts are on track to post weekly gains of around 4% as the recovery in output is seen lagging demand.

Brent crude futures fell 14 cents, or 0.2%, to $75.53 a barrel at 0307 GMT, giving up most of the previous session's 21 cent gain. US West Texas Intermediate (WTI) crude futures were 11 cents, or 0.2%, lower at $72.50 a barrel, after settling unchanged on Thursday.

Both contracts were on course to climb nearly 4% for the week as output in the US Gulf of Mexico has recovered more slowly than expected after Hurricane Ida damaged facilities in August and tropical storm Nicholas hit this week.


09:55 (IST)17 Sep 2021
Lined up for GST Council meet: Rate review of 50 items

A review of over 50 items in the form of rate changes and clarifications along with discussions to extend the compensation mechanism for states beyond the existing legal mandate till June 2022 are some of the key issues on the agenda of the Goods and Services Tax (GST) Council in its 45th meeting to be held in Lucknow on Friday.

States are guaranteed compensation under GST for the revenue gap between actual collections and the protected amount based on 14 per cent compounded rate from base year 2015-16 for five years of GST rollout till June 2022. Last year, the government had decided to borrow to meet compensation cess deficit through back-to-back loans to states. Click here to read

09:52 (IST)17 Sep 2021
FM Sitharaman announces Rs 30,600 crore govt guarantee for ‘bad bank’

The government has approved extending a guarantee of Rs 30,600 crore to the National Asset Reconstruction Company Ltd (NARCL) to help clear the banking sector’s stressed assets of around Rs 2 lakh crore in a time-bound manner. A total of Rs 90,000 crore of stressed assets, against which banks have made 100 per cent provisions in their books of accounts, will be transferred to NARCL in the first phase.

Finance Minister Nirmala Sitharaman said most of the big-ticket NPAs (Non Performing Assets) will be transferred to NARCL, thereby cleaning up banks’ balance sheets and freeing up growth capital for them to support economic activity. “…this will result in banks’ balance sheets and books being cleaner, transparent, they will now be able to stand on their own and do business. They have proved it because banks are going out and raising resources (from the market),” she said. Click here to read

09:49 (IST)17 Sep 2021
Global market update

Asian shares steadied in early trading on Friday after losses earlier in the week, but China jitters and global growth concerns weighed on investors' minds, while the dollar sat near a three-week high.

MSCI's broadest index of Asia-Pacific shares outside Japan recovered from early losses to trade flat, but was still down 2.7% on the week.

Hong Kong's Hang Seng Index rose 0.5% after posting its lowest close in 10 months the day before, as the saga around China Evergrande Group lurched towards a conclusion, unsettling investors. The embattled property developer's shares dropped a further 5% on Friday.

Australian shares fell 1.03%, as a fall in iron ore prices hurt miners. However, Chinese blue chips eked out a 0.26% rise and Japan's Nikkei edged up 0.42% to head back towards a 31-year high hit on Monday. US stock futures, the S&P 500 e-minis, were down 0.6%.


09:34 (IST)17 Sep 2021
Equity markets at open

Sensex rallies 356.95 pts to lifetime high of 59,498.11 in opening session; Nifty surges 103.20 pts to record 17,732.70.


On Thursday, the benchmark indices on the BSE and National Stock Exchange (NSE) climbed over 0.5 per cent higher to end at fresh record highs led by gains in banking, financial and fast-moving consumer goods (FMCG) stocks.

The S&P BSE Sensex rose 417.96 points (0.63 per cent) to end above the 59,000 mark for the first time at a record closing high of 59,141.16. Earlier in the day, the BSE benchmark had surged 481.09 points (0.82 per cent) to breach the 59,000-mark for the very first time and hit a fresh record intraday high of 59,204.29.

Likewise, the Nifty 50 climbed 110.05 points (0.63 per cent) to end at an all-time high of 17,629.50. The NSE barometer had earlier breached the 17,600-mark for the first time ever to touch a record high of 17,644.60.

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