Sensex gyrates 1,232 pts, ends 224 pts down; Nifty holds 18,000; banks jump

CLOSING BELL: Financials, largely banks, along with metals gave muscle to the bounce back with the Nifty Metal and the Nifty Bank indices rising over 1 per cent each

CLOSING BELL

Stock market highlights: The strength of domestic markets stunned for the good on Wednesday as key indices settled marginally lower despite a global market rout. The benchmark S&P BSE Sensex recouped 930 points from the day's low to close at 60,347, down 224 points or 0.37 per cent.

The Nifty50, meanwhile, climbed from a low of 17,771 to end at 18,004, down 66 points or 0.37 per cent. Volatility index -- India VIX -- surged 5 per cent today.

Financials, largely banks, along with metals gave muscle to the bounce back with the Nifty Metal and the Nifty Bank indices rising over 1 per cent each. Among individual stocks, IndusInd Bank (up 4.5 per cent), SBI, Kotak Bank, Tata Steel, Hindalco, HDFC Bank, Bajaj Finance, ICICI Bank, and Bajaj Finserv were the leading large-cap gainers. 

The segment that weighed on the markets, however, was IT sector. The Nifty IT index slipped 3.4 per cent with individual stocks like Infosys, LTTS, Coforge, TCS, LTI, Mindtree, Mphasis, Tech M, HCL Tech, and Wipro tumbling between 1.3 per cent and 4.4 per cent.

In the broader markets, the BSE MidCap index dipped 0.1 per cent, while the BSE SmallCap index fell 0.01 per cent. 

Primary market
The Rs 755-crore initial public offer (IPO) of Harsha Engineers sailed through on the first day itself, despite the secondary market weakness. At 3:0 PM, the issue was subscribed nearly 2 times with the retail portion at 2.5 times; employees at 16 times; NII at 3.4 times; and QIB at 3 per cent.

Global cues

European markets were slightly lower on Wednesday as investors reacted to the latest inflation data out of the US. The pan-European Stoxx 600 was down 0.2 per cent in early trade, with basic resources and energy stocks slipping 1 per cent to lead losses while retail stocks bucked the trend to add 1.9 per cent.

Earlier in Asia, Nikkei and Hang Seng shed around over 2.5 per cent each; Kospi and Taiwan were down 1.5 per cent each, while Shanghai declined 0.8 per cent.

US stock futures, however, were pointing towards a positive start later today, a day after worst one-day sell-off in two years.

4:16 PM

GLOBAL CHECK: European markets fall, tracking losses in global markets

4:08 PM

GLOBAL CHECK: US equity futures rise after worst selloff since 2 years

4:06 PM

TECHNICAL VIEW: Rupak De, Senior Technical Analyst at LKP Securities

Nifty remained above its previous consolidation as the global sell-off failed to pull the Indian equities down. On the lower end, the falling trend line has acted as crucial support for the Nifty. Besides, the index has been sustaining above the 50 exponential moving average on the daily timeframe, confirming an uptrend. Going forward, the trend will likely remain positive as long as it remains above 17700. On the higher end, the index may move towards 18600 once it provides a decisive breakout above 18100.

3:59 PM

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

Although the opening hours of the domestic market mirrored the sharp sell-off in the global market, it steadily recovered as investors gained the confidence to bottom fish, thanks to the brighter prospects for the home economy. The expectation that the Fed would become less hawkish, which had spurred the most recent global rally, was dashed by worse than anticipated US inflation figures. Additionally, India’s easing WPI inflation numbers added more optimism with banking stocks leading the recovery, while the IT sector’s performance was bleak due to recession fears in western markets.

3:53 PM

Infosys, TCS, Tech Mahindra top Nifty50 losers

3:49 PM

IndusInd Bank, NTPC, SBI top Nifty50 winners

3:45 PM

Broader markets subdued; India Vix climbs 4%

3:42 PM

Nifty IT slips 3%, ends as worst sectoral performer

3:38 PM

SENSEX HEATMAP: 16 out of 30 index counters close in green

3:36 PM

CLOSING BELL: Sensex closes 200 points lower

3:33 PM

CLOSING BELL: Nifty50 closes below 18,050 levels

3:24 PM

MARKET CHECK :: Sensex off highs in fag end

3:17 PM

UK inflation rate unexpectedly dips to 9.9%

UK inflation slowed in August on the back of a fall in fuel prices, though food prices continued to rise as the country’s cost-of-living crisis persists.

 

The consumer price index rose 9.9% annually, according to estimates published Wednesday by the Office for National Statistics, fractionally below a consensus forecast of 10.2% among economists polled by Reuters. It was also down from July’s figure of 10.1%.

Source: CNBC

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