Sensex slips 207pts on late sell-off; Axis Bank sheds 6%, Bajaj Finance 5%

Stock market LIVE: Broader indices also trimmed gains at close; PSU banking shares were in demand, while private banking shares witnessed selling pressure

Closing Bell

After exhibiting lacklustre movement for the major part of the trading day, the key benchmark indices eventually ended in red as select financial shares extended losses at close. The BSE Sensex had touched a high of 61,577 in morning deals, but slipped to a low of 60,989 at the fag end of the day. The Sensex finally ended with a loss of 207 points at 61,143.

The NSE Nifty from a high of 18,342, slipped to a low of 18,168, and eventually ended 57 points lower at 18,211. India VIX was up 0.8 per cent at 16.88.

The broader indices also trimmed gains towards the end. The BSE Midcap index ended wee bit in green at 25,591 as against the day's high of 25,757. The Smallcap index settled at 28,534, up 0.3 per cent as against the day's high of 28,696. The overall breadth was marginally positive, with 1,780 advancing shares as against 1,466 declining stocks on the BSE.

Among sectors, the Bank Nifty declined 1.1 per cent to 40,786. The PSU Bank index rose 1.8 per cent, while the Private Bank index shed 1.6 per cent. The Nifty Media and Metal indices were down nearly 2 per cent each.  

A day after reporting their respective Q2 results, Axis Bank shed 6.5 per cent at Rs 787, while Bajaj Finance plunged 4.8 per cent to Rs 7,476.

Bajaj Finserv, IndusInd Bank, Tata Steel, Reliance Industries, NTPC, Nestle India, Kotak Bank and Mahindra & Mahindra were the other major Sensex losers, down 1-2 per cent each.

Asian Paints surged 4.4 per cent to Rs 3,094 on reports of price hikes in November. Sun Pharma, Infosys, SBI, UltraTech Cement and ITC were the other prominent gainers.
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Markets at 02:30 PM

LIVE market updates: The key benchmark indices slipped into the negative zone as select financial shares extended losses. The BSE Sensex was down 60 points at 61,290, and the Nifty was down 11 points at 18,257.

A day after announcing their respective Q2 results, Axis Bank was down 6.5 per cent at Rs 788, and Bajaj Finance had shed 4.5 per cent at Rs 7,500.

IndusInd Bank, Bajaj Finserve and Hindustan Unilever were the other prominent losers in the Sensex 30. Meanwhile, Asian Paints continued to trade on a firm note, up 4.7 per cent at Rs 3,104. Maruti, Sun Pharma, SBI and ICICI Bank were the other major gainers.
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Markets at Lunch (Updated at 01:30 PM)

LIVE market updates: The key benchmark indices were exhibiting lacklustre movement, while broader markets traded on a steady note. The BSE Sensex was up 142 points at 61,491, and the Nifty was up 45 points at 18,313.

The BSE Midcap and Smallcap indices were up 0.4 per cent and 0.6 per cent, respectively. Among sectors, the BSE Healthcare and Telecom indices were up a per cent each.

In the broader markets, TCI Express, Goldiam International, Hikal Chemicals and Ashahi India have logged significant gains, while IRB Infra, Accelya Solutions and Arvind were the major losers.

Meanwhile, here's what the brokerages have to say about the much-awaited Nykaa IPO. READ REVIEW
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Markets at 12 NOON

LIVE market updates: The key benchmark indices continue to trade in a range-bound manner. The BSE Sensex was up 142 points at 61,491, and the Nifty was up 45 points at 18,313.

Asian Paints, Sun Pharma, ICICI Bank and Bharti Airtel were the major gainers in the Sensex 30, while Axis Bank, Bajaj Finance and IndusInd Bank were the prominent losers.

Despite persistent FIIs selling the markets continue to hold and bounce back at regular intervals on the back of selective buying. The breadth so far was fairly positive with 2,003 advancing shares versus 1,107 declining stocks on the BSE.

Dr. V K Vijaykumar, Chief Investment Strategist at Geojit Financial Services speaking on the market behaviour said, "It is important to take note of the fact that sustained FII selling (Rs 2,639 cr yesterday) is not impacting the resilience of the market. This is in contrast to the pre-Covid market scenario where heavy FII selling always invariably led to sharp market corrections. The takeaway from this new trend is that it is the retail investors who are calling the shots now. From a fundamental perspective FII selling is rational and retail buying, particularly in the broader market, is without justification. But fundamentals can remain secondary in the short run."

"A major concern now is the inevitability of higher inflation. The CPI print is lower due to the favourable base effect. The reality is that prices, particularly of industrial inputs, are rising fast. This is bound to get reflected in inflation numbers soon and RBI will have to normalise policy earlier than expected." he added.
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Markets at 11 AM

LIVE market updates: Benchmarks are exhibiting a range-bound trade on Wednesday with the BSE Sensex having navigated within a narrow range of 245 points so far. The NSE Nifty, meanwhile, has been between 18,256 and 18,331 levels.

At 11:01 AM, the 30-share Sensex was at 61,418, up 68 points and the Nifty was at 18,300.

Volatility index, India VIX, was down around 1 per cent and market breath was confortably supporting buyers.

Vodfone Idea, Tata Power, IDFC First Bank, and PNB were the actively traded stocks based on volume while Tata Power, Axis Bank, IRCTC, and Bajaj Finance were the most actively traded stocks based on value.   

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Markets at 10 AM

LIVE market updates: Indian equities continued to trade with positive bias amid gains in PSU banks, pharma, and realty stocks.

At 10:10 AM, the benchmark Sensex was quoting at 61,410, up 60.5 points. The Nifty50, on the other hand, climbed above 18,300-mark at 18,302 levels.

The BSE MidCap and SmallCap indices, on the other hand, were outperforming benchmarks for second straight day, up 0.6 per cent each.

Among individual stocks, shares of Berger Paints were up nearly 4 per cent after reports suggested the company will increase prices by 8-9 per cent with effect from November 12. Peer firm Asian Paints was also up over 5 per cent.

On the downside, shares of IRB Infrastructure Developers tanked 8 per cent on profit booking. The company is set to raise up to Rs 5,347 crore through a preferential allotment of equity shares to Spain’s infrastructure group Ferrovial SA and Singapore state investor GIC.

In the currency market, the rupee opened 2 paise weaker at 74.98 per US dollar relative to Tuesday's close of 74.96/$.

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Opening Bell

LIVE market updates: Tepid trading among Asian peers, but healthy corporate earnings, led to a volatile start for benchmarks on Dalal Street on Wednesday. In early deals, the frontline BSE Sensex was trading at 61,387 levels, up 37 points, supported by Asian Paints, Dr Reddy's Labs, and ITC. 

The Nifty50, on the other hand, was at 18,284 levels, up 16 points. 

Among individual stocks, Axis Bank slipped nearly 4 per cent amid profit booking after the private lender posted its highest-ever quarterly profit of Rs 3,133 crore, backed by robust growth in fee income and a sharp fall in provisions.

Bajaj Finance was also down 3 per cent on profit booking after Q2 consolidated net jumped 53 per cent to Rs 1,481 crore for the quarter ended September on healthy interest income. Total income rose 19 per cent YoY to Rs 7,732 crore.

ITC, on the other hand, was trading 0.4 per cent up ahead of its Q2 results later today. According to analysts, a swift recovery in cigarette volumes and other discretionary business may aid September quarter earnings of FMCG major ITC. This, along with a sharp rebound in the hospitality segment on the back of normalization of out-of-home activities and vacation season, may further support profitability. READ PREVIEW HERE

In the broader markets, the BSE MidCap and SmallCap indices gained 0.39 per cent and 0.41 per cent, respectively. 

Sectorally, the Nifty Pharma index was the best performer, up over 1 per cent, while the Nifty Media index was the top laggard, down 1 per cent. 

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Pre-open session (updated at 9:07 AM)

LIVE market updates: Benchmark indices settled higher in the pre-open session, suggesting a likely firm start for Dalal Street. The BSE Sensex was at 61,494 levels, up 143 points while the Nifty50 ended at 18,295, up 27 points.

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(Updated at 8:10 AM)

LIVE market updates: Subdued Asian cues may lead to a wobbly start on Dalal Street on Wednesday. At 8:00 AM, SGX Nifty was down 50 points at 18,284.

Besides, September quarter earnings and adjustment of positions ahead of monthly F&O expiry may lead to additional volatility.

Earnings today
Bajaj Auto, IndusInd Bank, ITC, Larsen & Toubro, Maruti Suzuki, SBI Life, are among over 100 companies scheduled to announce earnings today.

Global cues

Shares in Asia-Pacific were lower in Wednesday morning trade even as major indexes on Wall Street notched fresh record highs again overnight.

Hong Kong’s Hang Seng index led losses regionally, falling 1.31 per cent. In Japan, the Nikkei 225 dipped 0.64 per cent while the Topix index shed 0.51 per cent. South Korea’s Kospi also slipped 0.55 per cent.

Overnight stateside, the Dow Jones Industrial Average gained 15.73 points to a new record closing high of 35,756.88 while the S&P 500 climbed 0.18% to 4,574.79. The Nasdaq Composite rose fractionally to around 15,235.72.