Sensex gyrates 537 points, ends 152 pts down; Nifty PSU Bank index rises 4%

CLOSING BELL: The Nifty50, meanwhile, shut shop at 18,157, down 46 points or 0.25 per cent

CLOSING BELL

Stock market highlights:  Equities turned lower in the fag-end of the session with the S&P BSE Sensex falling 152 points, or 0.25 per cent, to 61,033. The Nifty50, meanwhile, shut shop at 18,157, down 46 points or 0.25 per cent. Both the indices had hit an intra-day high of 61,447, and 18,296, respectively. 

In the broader markets, the BSE MidCap, and the BSE SmallCap indices slipped 0.5 per cent, and 0.3 per cent, respectively.

Sectorally, all indices, except bankin stocks were in the red. The Nifty PSU Bank index surged nearly 4 per cent, while the Nifty Bank added 0.25 per cent. The Nifty Realty index was the worst hit, down 1.4 per cent.

IPO update

Five Star Business Finance: The issue has been barely subscribed so far on day 1, with no interest from investors. Total subscription stood at 1 per cent till 3:30 PM. 

Archean Chemical: The issue has been subscribed 17 per cent, with retail portion at 67 per cent, and NII at 16 per cent. 

Global cues

European markets were slightly lower on Wednesday as global investors await the results of the US midterm elections. The pan-European Stoxx 600 was down 0.4 per cent in early trade, with travel and leisure stocks shedding 1 per cent. Meanwhile, US stock futures were basically flat, while Asia-Pacific stocks were mixed. 

4:20 PM

Tech view: Markets may turn volatile; 18,300 a key level for the Nifty

"The Nifty remained volatile with a predominant bearishness on Wednesday's trading. On the higher end, the headline index has found resistance around 18,300. The overall trend is expected to remain volatile as long as it remains below 18,300. A decisive move above 18,300 may induce a rally towards 18,600. However, failure to move beyond 18,300 may trigger further profit taking. On the lower end, support is pegged at 18,000; below which the index may extend its loss towards 17,700."

 

- Rupak De, Senior Technical Analyst at LKP Securities

 

4:18 PM

COMMENT:: All eyes on US CPI inflation to be released on Thursday

"Continued FII inflows, combined with a consolidation in the dollar index, boosted market sentiment. A major next trigger could be the US CPI inflation, to be announced tomorrow, consensus indicate a moderation to 7.9 per cent in October compared to 8.2 per cent in September. A fast slowdown in inflation would provide the fuel for the market to edge higher, the key problem of 2022."

 

- Vinod Nair, Head of Research at Geojit Financial Services

4:16 PM

COMMENT:: PSU Banks likely to perform well in mid-run; BoB, Canara Bank top picks

"PSU banks were trading at an inexpensive valuation for a long time. The lower growth capital and legacy NPAs were the reason for underperformance. However, the concern of asset quality and growth are way behind. The large public banks have delivered strong growth and improvement in credit quality. Therefore, PSU banks are likely to perform well in mid-run. Bank of Baroda, Canara Bank are top picks in PSU space."

 

- Ajit Kabi, Banking Analyst at LKP Securities

 

4:07 PM

Primary Market Update:: Tepid openings for Five Star, Archean Chemical

Five Star Business IPO subscribed merely 0.01 times on Day 1

 

Archean Chemical subscribed 0.19 times on Day 1

 

(Data as of 4 PM)

4:04 PM

Hindalco drops 5% as arm Novelis Q2 profit slides 23% YoY; Ebitda down 8%

As per reports, Novelis also lowered its capital expenditure (capex) outlook for FY23 to a range of $900 million- $1 billion from the previously guided $1.3-1.6 billion. READ MORE

4:02 PM

Nykaa to turn ex-date on Thursday for 5:1 bonus issue; stock tanks 5%

The board of the company has fixed Friday, November 11, 2022 as the 'Record Date' for the purpose of determining the members eligible for bonus equity shares. READ MORE

4:01 PM

Brokerages downgrade Divi's Labs post Q2 letdown; stock falls 11% in 2 days

Analysts at ICICI Securities downgrade the stock from 'BUY' to 'HOLD' as the brokerage firm said it will keep tab on future custom synthesis ex-Covid opportunities and execution besides steady generics traction. READ MORE

4:00 PM

PI Industries zooms 10%, hits all-time high on strong Q2 revenue growth

Analysts believe overall growth was mainly led by volume scale up and price hike while favourable product mix and currencies would also have contributed to growth. READ MORE

3:55 PM

BSE 500:: Indigo Paints, Avanti Feeds among volume shockers

Indigo Paints witnessed unusually high volume of around 19.15 lakh shares, owing to a block deal, as against its five-day average volume of around 13,850-odd shares on the BSE. Similarly, Avanti Feeds, Privi Speciality, Sundaram Clayton and Jubilant Foodworks witnessed a significant spike in volume on Wednesday.

3:51 PM

Market breadth was almost neutral; 188 stocks hit new 52-week high on BSE

3:50 PM

Nifty PSU Bank Index soars 4%; Union Bank zooms 10%, Bank of India 9%

3:48 PM

Rupee ends stronger at 81.43, gains 48 paise v/s US$

Source: Bloomberg

3:45 PM

Broader indices also end in red, down up to 0.5%

3:43 PM

Nifty 50 Losers:: Hindalco, PowerGrid Corporation drop over 4%

3:42 PM

Nifty 50 Gainers:: Adani Ports, Coal India, ITC gain over 2%