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Friday, October 22, 2021

Market Highlights: Sensex falls 525 points, Nifty ends below 17,400-mark; Metals, banks, autos crack

Share Market, Stock Market Highlights: The S&P BSE Sensex ended at 58,490.93, down 524.96 points (0.89 per cent), while the Nifty 50 settled at 17,396.90, down 188.25 points (1.07 per cent).

By: Express Web Desk | New Delhi |
Updated: September 20, 2021 5:02:47 pm
bse, bombay stock exchangeBombay Stock Exchange (BSE) in Dalal Street (Express photo by Nirmal Harindran)

Share/Stock Highlights: The frontline equity indices on the BSE and National Stock Exchange (NSE) ended around 1 per cent lower on Monday tracking weakness in the global market.

The S&P BSE Sensex crashed 524.96 points (0.89 per cent) to settle at 58,490.93, while the Nifty 50 ended at 17,396.90, down 188.25 points (1.07 per cent). Both the indices had opened in the red but pulled back initially in the morning trade. However as the trade progressed, the benchmarks skid in the afternoon trade amid a selloff across metals, banking and auto stocks.

Tata Steel was the worst performer on the Sensex pack skidding 9.5 per cent on Monday. It was followed by State Bank of India (SBI), IndusInd Bank, Housing Development Finance Corporation (HDFC), Dr. Reddy’s Laboratories and Mahindra & Mahindra (M&M). On the other hand, Hindustan Univeler (HUL), Bajaj Finserv, ITC, HCL Technologies and Nestle India were the top gainers on Monday.

Among the sectoral indices, the Nifty Metal index cracked 6.60 per cent dragged by Tata Steel, Jindal Steel & Power and National Aluminium Company. Apart from this, the key Nifty Bank fell 1.76 per cent weighed by The Federal Bank, Punjab National Bank and RBL Bank. The Nifty Auto index too declined 1.44 per cent driven by Tata Motors, Bharat Forge and Eicher Motors. On the other hand, the Nifty FMCG index, which was the only gainer of the day climbed 0.91 per cent led by HUL, Marico and ITC.

In the broader market, the S&P BSE MidCap ended at 24,598.51, down 447.97 points (1.79 per cent) while the S&P BSE SmallCap settled at 27,490.27, down 516.52 points (1.84 per cent).

(with inputs from agencies)

Live Blog

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

16:12 (IST)20 Sep 2021
MARKET QUOTE | Milind Muchhala, Executive Director, Julius Baer on Monday's market performance

"The Indian markets finally seem to be taking a small pause, largely driven by nervousness in the global markets. Two key factors playing on the minds of global investors include the upcoming Fed meeting and the uncertainty building up in the Chinese real estate market due to stress on one of the major property players in the country. While the markets are keenly awaiting clarity on Fed’s taper plans in terms of timelines and quantum, we believe it may give an advance notice on tapering in this week’s meeting, followed by a formal announcement at the following meeting in November. The pace of tapering is expected to be gradual, and the Fed is expected to continue to remain accommodative in its monetary policy stance, which should be supportive for equities. Regarding the Chinese property major, it may be a bit too early to conclude on any possible contagion effects on global markets.

Regarding the Indian markets, a few underperforming stocks/sections of the market, including the PSU pack, have started catching up to some extent, providing support to the headline indices. The breadth of the market, however, seems to be worsening a bit, which is a sign of caution. A small correction would be welcome at this juncture, and help the markets to become healthier, although the bulls are still not willing to give up reins. On the positive side, there is no fear factor currently, and investors seem to be on the lookout for corrections to add positions. With an improving pace and scale of vaccination, the economic environment is also expected to remain supported."

16:04 (IST)20 Sep 2021
MARKET QUOTE | Vinod Nair, Head Of Research, Geojit Financial Services on Monday's market performance

"Following high volatility and weak global sentiments, the domestic market ended in a bear grip with Metal and PSU Banks leading the downward rally. Global markets traded negatively as investors were cautious ahead of multiple central bank policy meetings scheduled this week. However, due to weak US job data and inflation increasing at a slower pace, Fed is not expected to hint on taper plans in the upcoming meeting."

15:44 (IST)20 Sep 2021
Equity markets at close

The S&P BSE Sensex ended at 58,490.93, down 524.96 points or 0.89 per cent, while the Nifty 50 settled at 17,396.90, down 188.25 points or 1.07 per cent.

15:17 (IST)20 Sep 2021
Gold starts week on back foot as Fed meet looms, dollar gains

Gold prices were pressured on Monday, hurt by a stronger dollar and concerns the US Federal Reserve might hint at when it intends to begin tapering its asset purchases in its upcoming meeting.

Spot gold was little changed at $1,755.84 per ounce by 0847 GMT, having earlier touched its lowest level since Aug. 12 at $1,741.86. US gold futures rose 0.2% to $1,755.00.

The Federal Reserve's keenly awaited policy meeting begins on Tuesday.


15:15 (IST)20 Sep 2021
Copper futures fall on weak demand

Copper futures on Monday slipped 1.71 per cent to Rs 708.85 per kg, as participants cut their positions amid muted demand in the domestic market.

On the Multi Commodity Exchange, copper contracts for the September delivery eased by Rs 12.30, or 1.71 per cent, to Rs 708.85 per kg in a business turnover of 3,603 lots.

Analysts said trimming of positions by speculators due to muted demand in the spot market mainly led to the fall in copper prices here.


13:03 (IST)20 Sep 2021
India Inc expected to dole out 8.6% average increment in 2022: Deloitte survey

Corporate India handed over an average increment of 8 per cent in 2021, and early estimates reveal that average increment for 2022 is expected to increase to 8.6 per cent in line with a healing economy and improving confidence, according to a Deloitte survey.

As per the second phase of Deloitte’s Workforce and Increment Trends survey 2021, 92 per cent companies gave an increment in 2021 at an average of 8 per cent, compared with only 4.4 per cent in 2020, where just 60 per cent companies had extended a pay hike. Click here to read

12:10 (IST)20 Sep 2021
CARS24 raises $450 million funding; valuation nearly doubles to $1.84 billion

CARS24 on Monday said it has raised $450 million (about Rs 3,321.3 crore) in funding from DST Global, Falcon Edge, SoftBank Vision Fund 2 and others, helping the pre-owned vehicles’ e-commerce platform nearly double its valuation to $1.84 billion.

The series F round of funding was a mix of equity ($340 million) and debt ($110 million), a statement said. Click here to read

11:32 (IST)20 Sep 2021
Petrol and diesel prices unchanged

Prices of petrol and diesel continued to stay unchanged across the country for the 15th successive day on Monday, September 20, 2021. The prices of the key auto fuels were last revised on September 5 when petrol and diesel prices were cut by 15 paise per litre each in the national capital.

The price of petrol in Delhi stands at Rs 101.19 per litre while that of diesel is at Rs 88.62. In Mumbai, petrol currently costs Rs 107.26, while diesel is retailing at Rs 96.19, data available on Indian Oil Corporation’s website showed. Click here to read

11:01 (IST)20 Sep 2021
Rupee falls 34 paise to 73.82 against US dollar in early trade

The Indian rupee depreciated 34 paise to 73.82 against the US dollar in opening trade on Monday, tracking a strong greenback in the overseas market.

Forex traders said a muted trend in domestic equities also dragged the local unit down.

At the interbank foreign exchange, the rupee opened at 73.82 against the dollar, registering a decline of 34 paise from the last close. In the previous session on Friday, the rupee had settled at 73.48 against the US dollar.


10:24 (IST)20 Sep 2021
FPIs turn to India amid global headwinds, pump in Rs 17K crore

With the markets remaining buoyant, Foreign Portfolio Investors (FPIs) remained net buyers in domestic markets so far in September by investing a net sum of Rs 17,822 crore. FPIs invested Rs 11,287 crore into equities and Rs 5,018 crore in the debt segment on a net basis between September 1 and 17, according to data available from National Securities Depository Limited.

FPIs had pulled out Rs 11,308 crore in July and invested Rs 2,083 crore in August. FPIs have invested Rs 62,406 crore in 2021. Click here to read

10:19 (IST)20 Sep 2021
Advent to acquire majority stake in Eureka Forbes

Advent International, a global private equity investor, has signed a definitive agreement with Shapoorji Pallonji Group (SPG) to acquire a majority stake in Eureka Forbes Ltd. The transaction values Eureka Forbes at an enterprise value of Rs 4,400 crore, subject to closing adjustments.

As part of the scheme, Eureka Forbes Ltd, a 100 per cent subsidiary of Forbes & Company, will be demerged into a standalone company and then listed on the BSE. After the listing of EFL, US-based Advent will purchase up to 72.56 per cent of the company’s then outstanding stock on a fully diluted basis from SPG. Advent will thereafter make an open offer in compliance with applicable regulations. The transaction is subject to closing conditions and receipt of relevant statutory and regulatory approvals. Click here to read

10:01 (IST)20 Sep 2021
Global market update

Asian shares slid and the dollar held firm on Monday ahead of a week packed with no less than a dozen central bank meetings, highlighted by the Federal Reserve which is likely to take another step toward tapering.

Holidays in Japan, China and South Korea made for thin conditions, and politics added extra uncertainty with elections in Canada and Germany bookending the week.

Concerns about the health of China's economy and Beijing's crackdown on tech firms continues to haunt the region, with stocks in Hong Kong skidding more than 3% to their lowest in almost 11 months.

MSCI's broadest index of Asia-Pacific shares outside Japan slid another 1.4%, after shedding 2.5% last week, with Australia down 1.5%.Japan's Nikkei was shut, but futures were 400 points below the Friday cash close.


09:52 (IST)20 Sep 2021
Equity markets at open

Sensex tumbles 355.27 pts to 58,660.62 in opening session; Nifty slumps 108.50 pts to 17,476.65.


On Friday, the benchmark equity indices on the BSE and National Stock Exchange (NSE) had erased all of their day’s gains after lifetime highs and ended marginally lower 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.

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