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Tuesday, October 19, 2021

Market Highlights: Sensex falls 410 points, Nifty ends below 17,750; IT, realty, financials drop

Share Market, Stock Market Highlights: The S&P BSE Sensex ended at 59,667.60, down 410.28 points (0.68 per cent), while the Nifty 50 settled at 17,748.60, down 106.50 points (0.60 per cent).

By: Express Web Desk | New Delhi |
Updated: September 28, 2021 5:11:21 pm
Bombay Stock Exchange building. (Express archive photo)

Share/Stock Highlights: The benchmark equity indices on the BSE and National Stock Exchange (NSE) recovered from their intraday lows and ended around 0.6 per cent lower on Tuesday dragged by the information technology (IT), financial stocks amid weak global cues.

The S&P BSE Sensex fell 410.28 points (0.68 per cent) to slip below the 60,000 mark and settle at 59,667.60 while the Nifty 50 slipped 106.50 points (0.60 per cent) to end a tad below the 17,750 level mark at 17,748.60. Earlier in the day, the BSE benchmark had crashed 1,032.35 points (1.72 per cent) to hit an intraday low of 59,045.53, while the broader Nifty had touched a low of 17,576.10, down 279.00 points (1.56 per cent).

Bharti Airtel was the biggest laggard of the day on the Sensex pack. It was followed by Tech Mahindra, Bajaj twins comprising of Bajaj Finance and Bajaj Finserv, HCL Technologies and Infosys. On the other hand, Power Grid Corporation of India, NTPC, Sun Pharmaceutical Industries, Titan Company, Kotak Mahindra Bank and Dr. Reddy’s Laboratories were the top gainers of the day.

Among the sectoral indices on NSE, the Nifty Realty fell 3.02 per cent weighed by Oberoi Realty, Indiabulls Real Estate and Prestige Estates Projects. Apart from real estate stocks, the Nifty IT index declined 2.20 per cent dragged by Coforge, Tech Mahindra and Larsen & Toubro Infotech. The Nifty Financial Services index too slipped 0.92 per cent on Tuesday due to a fall in shares of HDFC Asset Management Company, Bajaj Finance and Cholamandalam Investment and Finance Company.

In the broader market, S&P BSE MidCap index fell 180.10 points (0.71 per cent) to end at 25,015.73 weighed by Oberoi Realty and Gland Pharma. The S&P BSE SmallCap settled at 27,814.98, down 173.21 points (0.62 per cent) dragged by EIH and Metropolis Healthcare.

(with inputs from agencies)

Live Blog

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

16:27 (IST)28 Sep 2021
MARKET QUOTE | Deepak Jasani, Head of Retail Research, HDFC Securities on Tuesday's market performance

"Nifty ended in the red on Sept 28, falling the most in the past week, though it recovered some of its morning losses. Nifty opened flat and started to fall post 1015 Hrs. After making an intra day low at 1425 Hrs, it made a sharp recovery clawing back almost half the earlier losses. At close Nifty was down 0.68% or 121 points to 17734.

On a day when the volumes on the NSE were a little above recent average, Power, Oil & Gas and Metal indices gained the most while Realty, IT and Telecom indices fell the most. BSE midcap and smallcap indices ended lower with each down over 0.5 percent.  

Stocks in Asia-Pacific mostly declined in Tuesday trade, as various firms downgraded China’s GDP forecasts amid a power crunch. European stocks fell on Tuesday, as a surge in government bond yields pressured high-growth technology shares, with fresh signs of a slowdown in China’s economy weighing on investor sentiment. A rally in Brent crude futures above $80 per barrel continued to support energy stocks.

Nifty after making a low at 17576, staged a smart recovery. In this process it filled the upgap formed on Sept 23. In case this recovery continues and is sustained over the next 1-2 days, then Nifty will still have a chance to touch 18000. Advance decline ratio continues to be in the negative, reflecting the broader soft sentiments. 17802-17819 is the resistance in the near term for the Nifty while 17580-17611 is the support."

16:18 (IST)28 Sep 2021
MARKET QUOTE | Vinod Nair, Head of Research, Geojit Financial Services on Tuesday's market performance

"Following negative global cues and profit booking in IT and realty sectors, the domestic market hit rough weather, however, it witnessed a rebound towards the closing. Rise in US bond yield and crude oil price along with the Chinese crisis acted as key headwinds to the ongoing rally in the global market. Amid broad-based selling in the domestic market, public sector, energy and metal stocks traded higher."

16:13 (IST)28 Sep 2021
Rupee falls 23 paise to close below 74-level against US dollar

The rupee tumbled 23 paise to close at 74.06 against the US dollar on Tuesday amid a lacklustre trend in domestic equities and strengthening of the American currency in the overseas market.

At the interbank foreign exchange market, the local currency opened at 73.79 and witnessed an intra-day high of 73.73 and a low of 74.12 against the US dollar in day trade.


15:33 (IST)28 Sep 2021
Equity markets at close

The S&P BSE Sensex ended at 59,667.60, down 410.28 points or 0.68 per cent, while the Nifty 50 settled at 17,748.60, down 106.50 points or 0.60 per cent.

15:26 (IST)28 Sep 2021
Gold futures fall on low demand

Gold prices fell Rs 87 to Rs 45,982 per 10 gram in the futures trade on Tuesday, as speculators reduced their positions amid low demand.

On the Multi Commodity Exchange, gold contracts for October traded lower by Rs 87, or 0.19 per cent, to Rs 45,982 per 10 grams in a business turnover of 2,755 lots.

Analysts attributed the fall in gold prices to the trimming of positions by participants.

Globally, gold traded 0.54 per cent lower to USD 1,742.60 an ounce in New York.


15:24 (IST)28 Sep 2021
Crude oil futures rise on spot demand

Crude oil prices rose Rs 81 to Rs 5,660 per barrel on Tuesday, as participants widened their positions on a firm spot demand.

On the Multi Commodity Exchange, crude oil for the October delivery traded higher by Rs 81, or 1.45 per cent, at Rs 5,660 per barrel in 14,678 lots.

Analysts said raising of bets by participants kept crude oil prices higher in the futures trade.

Globally, West Texas Intermediate crude oil was up 1.27 per cent to USD 76.41 per barrel, while Brent crude traded 1.02 per cent higher at USD 80.34 per barrel in New York.


14:43 (IST)28 Sep 2021
Nifty Bank index slips 2 per cent

The key Bank Nifty was down over 2 per cent in the afternoon trade. ICICI Bank, RBL Bank, IDFC First Bank were the worst performers in the index.

Here's how the other banking stocks were performing:

Source: NSE
13:51 (IST)28 Sep 2021
Reliance said to near investment in Google-backed Glance InMobi

Reliance Industries Ltd. is in talks to buy a stake in Indian mobile content provider Glance InMobi Pte, according to people familiar with the matter.

The conglomerate is considering investing about $300 million in the unicorn backed by Alphabet Inc.’s Google, the people said, asking not to be identified as the information is private. The transaction could be completed as soon as in the next few weeks, one of the people said. Click here to read

12:50 (IST)28 Sep 2021
Nifty IT index down over 2 per cent

All the stocks in the Nifty IT index were trading in the red. MphasiS, LTI, MindTree were among the biggest laggards in the early afternoon trade.

Here's how other stocks were performing:

Source: NSE
11:47 (IST)28 Sep 2021
Petrol and diesel prices hiked

Prices of petrol were revised for the first time in 23 days while that of diesel were hiked for the third successive day on Tuesday, September 28, 2021. In the national capital, the petrol price rose 20 paise while that of diesel inched up 25 paise.

Following the latest price revision, petrol in Delhi is now retailing at Rs 101.39 a litre while diesel is now selling at Rs 89.57. In the financial capital Mumbai, petrol price now stands at Rs 107.47 while diesel currently costs Rs 97.21, data available on Indian Oil Corporation’s website showed. Click here to find out fuel prices in your city

10:57 (IST)28 Sep 2021
Rupee inches 8 paise higher to 73.75 against US dollar in early trade

The Indian rupee appreciated 8 paise to 73.75 against the US dollar in opening trade on Tuesday, tracking positive domestic equities.

Forex traders said rupee is trading in a narrow range as weakness of Asian currencies, firm crude oil prices and strong dollar weighed on the domestic unit.

At the interbank foreign exchange, the rupee opened at 73.79 against the dollar, then edged higher to 73.75, up 8 paise over its previous close.


10:26 (IST)28 Sep 2021
Underwriting losses fall, profits jump 300% for general insurers

Despite paying a huge sum as claims and facing other challenges and constraints triggered by the Covid pandemic throughout the fiscal, the general insurance industry has seen its net profit rise almost 300 per cent year-on-year to Rs 3,868 crore and underwriting losses decline in FY21.

Two dozen general insurance players including four public sector companies, five stand-alone health players and two specialised players — Agriculture Insurance Company (AIC) and Export Credit Guarantee Corporation (ECGC) — had made losses of Rs 1,403 crore in FY20, as per an analysis based on data from General Insurance Council. The industry’s total underwriting losses fell 17.24 per cent to Rs 19,416 crore in the period. Click here to read

10:11 (IST)28 Sep 2021
Paras Defence IPO share allotment status today: Here’s how to check your shares online

The initial public offering (IPO) of Paras Defence and Space Technologies was subscribed a whopping 304.26 times over the 71.40 lakh shares that were on offer during the subscription period from September 21-23, 2021. The price band was fixed at Rs 165-175 per share.

Investors are now looking forward to the share allotment date of the Paras Defence IPO. The company is supposed to finalise the allotment by Tuesday, September 28, 2021, as per the timeline provided in the red herring prospectus (RHP). In case you have applied for the Paras Defence IPO, then here is how you can check the status of your allotment when it gets declared

10:09 (IST)28 Sep 2021
Global market update

Asian shares mainly drifted lower Tuesday as investors continued to fret over China Evergrande Group's unsolved debt crisis and eyed the potential impact of a widening power shortage in China.

MSCI's broadest index of Asia-Pacific shares outside Japan was 0.13% lower on Tuesday, following a mixed session on Wall Street

In early trade Tuesday, Australia's benchmark S&P/ASX200 index was down nearly 1%, while Japan's Nikkei was off 0.6%.

China's blue chip index CSI300 edged up 0.1% at the open, as Hong Kong's Hang Seng Index gained 0.44%.


09:46 (IST)28 Sep 2021
Equity markets at open

Sensex declines 55.2 pts to 60,022.68 in opening session; Nifty slips 3.05 pts  to 17,852.05.


On Monday, the benchmark equity indices on the BSE and National Stock Exchange (NSE) had ended flat with mild gains.

The S&P BSE Sensex rose 29.41 points (0.05 per cent) to end at a record closing high of 60,077.88, while the Nifty 50 ended at an all-time high of 17,855.10, up 1.90 points (0.01 per cent). Earlier in the day, the BSE benchmark had hit a fresh record intraday high of 60,412.32, while the broader Nifty had touched an intraday high of 17,943.50 just shy of its record peak of 17,947.65.

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