Sensex slips 257pts, Nifty below 17,850; Airtel, ICICI, HDFC Bank weigh

Closing Bell

The key benchmark indices slipped for the second straight day on the back of selling pressure in select index heavyweights, like Bharti Airtel, ICICI Bank and HDFC Bank. The BSE benchmark index had touched a high of 60,362 in early deals, but finally ended with a loss of 257 points at 59,772.

The NSE Nifty touched a high of 17,989, and then slipped to a low of 17,758. The 50-share index eventually settled with a loss of 60 points at 17,829.

A special Muhurat Trading session will be held tomorrow (Thursday) on the festive occasion of Diwali from 06:15 PM till 07:15 PM.

The broader markets moved in tandem with the key benchmark indices. The BSE Midcap and Smallcap indices were down 0.2 per cent and 0.3 per cent, respectively.

Click here for Samvat 2078 outlook

Larsen & Toubro was the major gainer among the Sensex 30 stocks, up 4 per cent. The stock rallied to a fresh life-time high on hopes of strong order inflows in Q3. SBI also registred a fresh all-time high at Rs 542 after the PSU bank reported a record net profit of Rs 7,627 crore in Q2, up 67 per cent YoY. The stock ended 1.8 per cent higher at Rs 531.

Market Dashboard: Snapshot of key movers and shakers in trade today

Asian Paints and UltraTech Cement were the other major gainers, up over 2 per cent each. On the flip side, Sun Pharma dropped 3 per cent, and IndusInd Bank slipped 2.7 per cent. Bharti Airtel, Kotak Bank and ICICI Bank declined around 2 per cent each. HDFC Bank, Titan, PowerGrid Corporation, ITC and Bajaj Auto were the other prominent losers.

In the broader markets, Sobha soared 11 per cent to a high of Rs 962.50 on the BSE amid heavy volumes after the real-estate developer announced its plans to raise funds through issue of unlisted secured redeemable non-convertible debentures on a private placement basis.

"All eyes would be on the US Fed meeting tonight. While no action is expected on the rates, commentary on tapering, growth and inflation would be a key thing to watch out for. We will see the participants’ initial reaction on Thursday evening, November 4, in the special Diwali muhurat trading session. We reiterate our cautious view on markets and suggest limiting leveraged positions," said Ajit Mishra, vice-president for research, Religare Broking.

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Among sectors, the BSE Capital Goods and Realty indices were up over 2 per cent each. On the other hand, The Telecom, Bankex, Auto and Consumer Durables indices declined over a per cent each.

Primary Market Update: PB Fintech (Policy Bazaar) IPO was subscribed 12.02 times, with strong demand from QIBs (18x). Sigachi Industries was subscribed 78.44 times, with strong demand from all segments. S J S Enterprises managed to scrape through with 1.2x subscription.
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Markets at 02:30 PM

LIVE market updates: The key benchmark indices turned volatile in mid-noon deals with IT shares marginally up, while FMCG and select banking stocks witnessing selling pressure. The BSE Sensex was down 393 points at 59,636, and the NSE Nifty had shed 111 points at 17,778.

SBI rallied to a fresh all-time high of Rs 542 after the bank posted 67 per cent YoY jump in Q2 net. READ MORE

Among sectors, the Capital Goods index was up 2 per cent, and the Realty index had gained 1.7 per cent. The Auto, consumer durables and energy indices were down around a per cent each.

Meanwhile, the European markets have started the day on a quiet note. The FTSE 100 and DAX 40 were down 0.1 per cent in opening trades, while the CAC 40 was unmoved.
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Markets at Lunch (01:30 PM)

LIVE market updates: The key benchmark indices have slipped into red on account of weakness in select index heavyweights like ICICI Bank, ITC and Hindustan Unilver. The BSE Sensex was down 322 points at 59,707, and the NSE Nifty had declined 74 points to 17,815.

Among the Sensex 30 stocks, Sun Pharma has shed 3 per cent. ICICI Bank, IndusInd Bank, Titan, PowerGird Corporation, ITC, Hindustan Unilever, Bajaj Auto, Bharti Airtel, HDFC Bank and SBI were down 1-2 per cent each.

Larsen & Toubro, however, continues to trade on a firm note up 4.3 per cent. UltraTech Cement and Tech Mahindra were the other prominent gainers.

The broader markets have also weakened in trades. The BSE Midcap and Smallcap indices were down 0.3 per cent each.

Meanwhile according to reports, SEBI is likely to defer and tweak the diktat on implementing a T+1 settlement cycle. The new settlement cycle may now be implemented in a phased manner, following representations from foreign investors, and may apply only to the bottom 100 companies starting February 25. READ MORE
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Markets at NOON

LIVE market updates: The key benchmark indices were off the day's high amid selective profit-taking. The BSE Sensex was up 105 points at 60,274, and the NSE Nifty had added 81 points to 17,970.

Larsen & Toubro has extended gains, and was up nearly 5 per cent at Rs 1,905. Tech Mahindra, UltraTech Cement, HCL Technologies and Infosys were the other lead gainers in the Sensex 30 pack. Whereas, Sun Pharma had slipped over 2 per cent. Titan and IndusInd Bank were down around a per cent each.

In the broader markets, Keynote Financial Services was locked at the 20 per cent upper limit. Salzer Electronics, Mazagaon Docks, Shiva Mills, Ind-Swift Labs, eClerx, Linc Pens, Shankara Buildings and Garden Reach Shipbuilders were the major gainers, up over 8 per cent each.

On the other hand, Bharat Gears tumbled nearly 11 per cent. Bajaj Healthcare, Sundaram Fasteners and Sangam (India) were the prominent losers.

Meanwhile in Asia, Hang Seng was down a per cent, and Kospi dropped 1.3 per cent. China's Shanghai Composite and the Straits Times were down 0.3 per cent each. The S&P/ASX200 gained 0.9 per cent, and Taiwan Weighted index added 0.3 per cent.
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Markets at 11 AM

LIVE market updates: The key benchmark indices were off the early morning highs, but still managed to hold notable gains. The BSE Sensex was up 245 points at 60,274, and the NSE Nifty had added 81 points to 17,970.

Larsen & Toubro has surged 4 per cent to Rs 1,890 on hopes of strong order inflows in Q3. The stock now trades at a fresh all-time high. READ MORE

Among sectors, the BSE Capital Goods and Realty indices had rallied over 2 per cent each. Most of the sectoral indices were holding gains.

Meanwhile, the Services PMI for October expanded to 58.4 vs 52.2 in September 2021. This has been the highest reading in 10.5 years.

Primary Market Update: Policy Bazaar (PB Fintech) was subscribed 1.62x, Sigachi 27.07x and S J S Enterprises 54 per cent.
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Markets at 10 AM

LIVE market updates: The key benchmark indices managed to hover near the highs of the day on the back of buying support in select index heavyweights like - HDFC, Larsen & Toubro and Infosys. The BSE Sensex was up 311 points at 60,340, and the NSE Nifty had gained 92 points at 17,981.

The broader markets were also seen holding gains towards the end of first hour of trades. The BSE Midcap and Smallcap indices were up 0.5 per cent and 0.4 per cent, respectively. The breadth too was fairly positive early on, with two advancing shares for every single declining stock on the BSE.

Larsen & Toubro was up 3.3 per cent at Rs 1,876 and was the top gainer among the Sensex 30 stocks. Tech Mahindra, UltraTech Cement and Kotak Bank were the other prominent gainers. On the other hand, Sun Pharma has slipped 1.5 per cent.

In the broader markets, Trent rallied 9 per cent to Rs 1,133 after the company reported a strong set of September quarter (Q2FY22) earnings, with standalone profit after tax (PAT) of Rs 126 crore on back of healthy revenue. READ MORE
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Opening Bell

LIVE market updates: The frontline BSE Sensex and the Nifty50 indices started on a volatile note on Wednesday amid subdued global cues as investors look ahead to the end of the US Federal Reserve's two-day meeting for clues on tapering.

In early deals, the BSE barometer of 30 shares was at 60,316 levels, up 287 points, while the Nifty50 quoted at 17,965, up 76 points.

Bharti Airtel was the top gainer in the Sensex pack, up 2.5 per cent, after the telecom major beat market estimates, aided by improved operational performance and exceptional income to report a consolidated net of Rs 1,134 crore for the September quarter.

Besides, Tech M, UltraTech Cement, L&T, NTPC, Tata Steel, and SBI were the other top gainers on the index. On the downside, Titan, Sun Pharma, HDFC Bank, and HUL were the top laggards.

The broader markets, meanwhile, performed in-line with the benchmark indices. The BSE MidCap index added 0.43 per cent and the BSE SmallCap index climbed 0.33 per cent.

Sectorally, only media and pharma indices were in the red, down up to 0.14 per cent. On the upside, the Nifty Realty, PSU Bank, and IT indices were up 0.6 per cent each.
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Pre-open session (Updated at 9:07 AM)

LIVE market updates: Ahead of the US Federal Reserve's policy outcome due later today, and an extended weekend, markets are eyeing a fairly positive start.

The BSE Sensex is up 208 points at 60,237.5 in pre-opening session. The Nifty50, on the other hand, was at 17,940, up 51 points at 9:06 AM.

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(Updated at 8:20 AM)

LIVE market updates: Trading activity may be light on Wednesday given the long-holiday break and anxiousness ahead of the US Federal meeting outcome later tonight. At 8:10 AM, SGX Nifty was up 36 points at 17,956 levels. 

Corporate Earnings to Watch

Eicher Motors, Pfizer, State Bank of India (SBI), Aditya Birla Fashion & Retail, Bata India, Centrum Capital, DCM Shriram Industries, GPT Infraprojects, GSPL, Gujarat Alkalies, Precision Wires and Sharon Biotech are some of the companies slated to announce their SEptember quarter results today.

According to analysts, SBI’s Q2 profit may nearly double on a yearly basis to Rs 9,263.3 crore on the back of healthy net interest margin, recovery from DHFL, and lower loan provisioning. READ MORE

Primary Market action

Policybazaar, Sigachi Industries, and SJS Enterprises' IPOs will close later today. So far they have been subscribed around 1.6 times, 23.12 times, and 51 per cent, respectively.

Global cues

A day ahead of the Fed meeting outcome, the US markets extended its record winning run on the back of strong corporate earnings. The S&P 500 and Dow Jones were up 0.4 per cent each, while the Nasdaq added 0.3 per cent.

This morning in Asia, the S&P/ASX 200 had rallied 1.4 per cent, and Taiwan Weighted index had advanced 0.4 per cent. Kospi, however, had slipped 0.4 per cent, while Hang Seng and Shanghai Composite were down 0.1 per cent each.