Sensex dips 474 pts from day's high, ends at 38,757; BSE SmallCap jumps 4%

All that happened in the markets today

Erasing their intra-day gains, the benchmark indices ended in the negative territory on Monday due to selling in blue-chip counters such as HDFC Bank, HDFC, Reliance Industries (RIL), ICICI Bank, and Bharti Airtel. The broader market, however, outperformed after market regulator Securities and Exchange Board of India (Sebi) tweaked the asset allocation norms for Multi-Cap Funds. 

According to the new norms, multi-cap funds must invest 25 per cent each in small, mid, and large-cap stocks. READ MORE

The S&P BSE Sensex today ended 98 points, or 0.25 per cent to settle at 38,757 levels with Bharti Airtel (down over 3 per cent) being the top loser and HCL Tech (up 10 per cent) the biggest gainer. During the day, the index hit a high of 39,230.16. 

NSE's Nifty ended at 11,440, down 24 points, or 0.21 per cent.  India VIX gained nearly 3.5 per cent to 21.42 levels. 

On the contrary, the S&P MidCap index gained 1.56 per cent to 14,888 levels while the S&P BSE SmallCap index ended 4 per cent higher at 15,145 levels. 

On the sectoral front, IT stocks continued to rally. The Nifty IT index climbed 4.5 per cent to 19,460 levels with all the 10 constituents advancing. HCL Tech ended 10 per cent higher at Rs 793.70 on the BSE after the company said it expects the revenue and the operating margin for the July-September quarter (Q2FY21) to be meaningfully better than the top end of the guidance it had provided in July 2020. READ MORE

Nifty Realty index ended nearly 4 per cent higher at 223 levels. On the other hand, Nifty Bank slipped the most - 1.77 per cent to 22,081 levels. 

Global markets

World stocks rallied on Monday on hopes for a coronavirus vaccine after AstraZeneca resumed its phase-3 trial, but caution lingered before a host of central bank meetings this week. 

European stock markets opened broadly higher and US stock futures rallied more than 1 per cent -- suggesting a strong start for Wall Street later on.

In Asia, MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.9 per cent to its highest in almost a week. Japan's Nikkei firmed 0.7 per cent after Chief Cabinet Secretary Yoshihide Suga won a landslide victory in a ruling party leadership election, paving the way for him to succeed Prime Minister Shinzo Abe.

In commodities, oil prices slipped amid concerns about a stalled global economic recovery and falling fuel demand, as Libya signalled it would end its months-long blockade and resume output, adding yet more supply to the market.

(With inputs from Reuters)

4:05 PM

MARKET COMMENT | Vinod Nair, Head of Research at Geojit Financial Services

"Indian benchmark indices gave up its gains and closed with a negative bias. IT stocks outperformed following a strong showing by HCL Tech, which benefited most IT stock prices. However, the broader markets outperformed, especially the smallcap index, after SEBI tweaked MF norms for multi-cap funds. This SEBI measure would require more exposure to small-cap stocks in most multi-cap funds, leading to the current buying interest. Global cues were also mostly positive on renewed vaccine optimism. In spite of all the optimism, correction due to valuations or various uncertainties cannot be ruled out and volatility is expected to continue. Trade cautiously and look at earnings stability, if investing for the long-term in Smallcaps".

3:43 PM

SECTOR WATCH:: Nifty IT index gains 4.5%

3:42 PM

MARKET AT CLOSE:: Losers and gainers on the S&P BSE Sensex

3:36 PM

CLOSING BELL

The S&P BSE Sensex slipped 98 points, or 0.25 per cent to settle at 38,757 levels while the NSE's Nifty50 index ended at 11,440, down 24 points, or 0.21 per cent.

3:29 PM

MARKET CHECK

3:22 PM

INDEX LOSER | Bharti Airtel slips 3.5%

3:14 PM

MARKET CHECK:: Realty stocks gain in trade

2:58 PM

No proposal for raising FII limit in public sector banks to 49%: Thakur

"No proposal to amend this, is currently under consideration of the government," he said while replying to a question if the government is mulling over raising FII in PSBs from 20 per cent to 49 per cent for capital mobilisation. READ MORE

2:57 PM

Fall from intra-day highs today

COMPANY	DAY'S HIGH(RS)	DAY'S LOW(RS)	LATEST(RS)	FALL(%)
JINDAL STAIN. HI	105.45	88.00	90.00	-14.65
STERLING & WILS.	278.50	251.10	256.55	-7.88
MAS FINANC SER	901.35	814.00	832.70	-7.62
FUTURE RETAIL	109.00	101.05	101.05	-7.29

2:46 PM

Weekly economic indicators: More shoppers stepping out, road traffic higher

Business Standard tracks pollution levels, railway freight, power generation and traffic data. It gives a current picture of the economy ahead of official macroeconomic data, which is often released with a lag. The railway data is as of Saturday, September 12. Google’s data appears with a lag and is as of September 8. All other data is as of Sunday September 13. READ MORE

2:38 PM

MARKET CHECK | Top 5 losers on the BSE at this hour

2:37 PM

NEWS ALERT :: RBI asks banks to put in place / upgrade their systems to conform to 'Automated NPA Recognition' by June 30, 2021

(Via: Press release)

2:31 PM

MARKET CHECK :: Benchmarks decline, Nifty tests 11,400

2:28 PM

Select PSU banks gain on government's Rs 20,000 crore fund infusion plan

Among individual banks, Uco Bank was up 5 per cent at Rs 13.65 on the NSE. Indian Bank, Bank of Maharashtra and Jammu & Kashmir Bank were up 2 per cent each, while Indian Overseas Bank and Bank of Baroda were up 1 per cent on the NSE. READ MORE

2:26 PM

MARKET CHECK:: Sensex slips into the red, down over 186 pts