MARKET WRAP: Sell-off continues, Sensex slips 300 pts; Nifty ends at 11,154

All that happened in the markets today

Extending Monday's decline, the benchmark indices ended around 0.8 per cent lower on Tuesday as surging Covid cases raised fears of the prolonged economic slump. The S&P BSE Sensex slipped 300 points or 0.79 per cent to settle at 37,734 levels. The broader Nifty50 index fell below the 11,200-mark to 11,154, down 97 points, or 0.86 per cent. India VIX slipped nearly 5 per cent to 21 levels. 

Maruti and Larsen & Toubro  (both down around 3 per cent) were the top Sensex laggards. On the other hand, IT stocks HCL Tech, Tech Mahindra, and TCS gained over 2 per cent each.

The trend among Nifty sectoral indices was largely negative. Nifty Auto fell 1.75 per cent to 7,695 levels while Nifty Realty declined 1.85 per cent to 210 levels. Nifty Media dipped 2.6 per cent to 1,517.50 levels. On the other hand, Nifty IT gained 0.7 per cent while Nifty Pharma rose 0.66 per cent. 

In the broader market, the S&P BSE MidCap index slipped 1.7 per cent to 14,284 points, while the S&P BSE SmallCap index lost 1.6 per cent to 14,509 levels. 

Buzzing stocks

Shares of GMM Pfaudler were locked in 10 per cent lower circuit at Rs 4,717 on the BSE after the company announced an offer for sale (OFS) by the promoters at a floor price of Rs 3,500 per share. The floor price is a 33 per cent discount to its Monday’s closing price of Rs 5,241 on the BSE. READ MORE
 

Tata Consultancy Services (TCS) gained 2 per cent to Rs 2,523 on the BSE  after the company said it has expanded its partnership with Morrisons, a leading supermarket chain in the UK, through a five-year contract for application management services, data services, and cybersecurity services. READ MORE

Global markets

Asian shares were broadly weaker Tuesday as possible delays in expanded US stimulus and concerns about fresh pandemic lockdowns in Europe dented the recent positive sentiment towards global equity markets. At the close of trade, the Hang Seng index was down 233.84 points or 0.98 per cent at 23,716.85. The Hang Seng China Enterprises index fell 0.66 per cent to 9,576.81. Around the region, MSCI’s Asia ex-Japan stock index was weaker by 1.26 per cent, while Japan’s Nikkei index closed up 0.18 per cent.

In Europe, stock markets clawed back some ground, a day after rising second waves of the coronavirus epidemic caused the region’s biggest wipeout since June and drover investors back to government bonds.

In commodities, oil futures were little changed after sharp overnight losses, as the latest tropical storm in the Gulf of Mexico lost strength. 

(With inputs from Reuters)

4:10 PM

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

"Indian indices witnessed another day of volatility, with indices losing ground in the latter half of the trading day, as the broader markets also underperformed. Global cues were also mixed with Asian markets in the red, while European markets have opened in the green. Doubts about the timing of a global economic recovery emerged, following talks of further restrictions to contain a resurgence in virus infections around the world, especially in Europe. This uncertainty hit the Indian markets also, which have been driven by liquidity and the expectation that the economy and earnings would be back on track soon. Markets seem to be consolidating and taking stock of the situation. Investors are advised to stay cautious."

3:43 PM

SECTOR WATCH | Nifty IT gains 0.7%

3:42 PM

MARKET AT CLOSE | Gainers and losers on the S&P BSE Sensex

3:36 PM

CLOSING BELL

The S&P BSE Sensex slipped 300 points, or 0.79 per cent to settle at 37,734 levels while NSE's Nifty ended at 11,154, down 97 points, or 0.86 per cent. 

3:28 PM

MARKET CHECK | India VIX drops over 5% to 21 levels

3:24 PM

Titan trades nearly 1.5% lower

3:15 PM

MARKET CHECK | 5 losers on the BSE at this hour

3:05 PM

Banks extend decline; IndusInd, RBL, Bandhan Bank tank over 10% in 1 week

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2:57 PM

Heatmap: S&P BSE Sensex gainers and losers at this hour

2:47 PM

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2:41 PM

Nifty Bank breaks below 21,000-mark

2:40 PM

MARKET CHECK | 5 gainers on the BSE at this hour

2:32 PM

Maruti slips nearly 3%

2:26 PM

Dow Jones Futures dip 100 pts

2:19 PM

Double-digit sales dip in anti-infective segment to weigh on Alkem Labs

For the trailing twelve months ended August, the company sales are down nearly eight per cent, while the Indian pharmaceutical market declined by just over two per cent during that period. The reason for this has been that sales in the anti-infective segment, in which Alkem has a leadership position, have been declining by double digits. READ MORE