Market Wrap Podcast, Aug 20: Here's all that happened in the markets today

Spooked by tapering concerns, along with faltering growth and China’s regulatory curbs, benchmark indices, in tandem with other global peers, ended the last session of the week in the red. With this the benchmark indices ended the truncated week nearly 0.50 per cent down, snapping their two-week winning run.

In today's trade, the benchmark Sensex dipped 300 points to 55,329 while Nifty50 lost 118 points to 16,451. Analysts foresee a few choppy sessions in the days ahead for the Indian equity markets. However, they feel that the indices will bounce back after a correction as that could spur buying by new investors.

HUL, Asian Paints, Nestle India and Bajaj Finance were the top Sensex gainers and were up between 2-5 per cent. On the other hand, Tata Steel, SBI, DRL and Sun Pharma were the worst losers, shedding up to 8 per cent.

The selloff in broader markets was sharper as the BSE Midcap index lost 1.91 per cent and BSE Smallcap 1.83 per cent. Consequently, the market breadth deteriorated further. The Advance-decline ratio of 1:3 on the BSE suggested that three stocks fell for one that rose.

In the sectoral space, barring Nifty FMCG which rose over 2 per cent, all indices shut shop in deep red. The FMCG pack gained in all four sessions this week. Metal pack, meanwhile, melted 6.43 per cent amid a sharp plunge in iron ore futures. It was followed by Media and Realty that lost over 3.5 per cent each and then Nifty PSU Bank that dropped 3.4 per cent.

Stock-specific activity remained high amid a new listing on the bourses. Shares of CarTrade Tech defied grey market indications to list at a 1 per cent discount at Rs 1600 per share. The stock extended losses and ended over 7 per cent lower to the issue price of Rs 1,618 on the BSE.

Shares of Ujjivan Small Finance plunged nearly 19 per cent to Rs 19.70  following the resignation of Nitin Chugh from the position of Managing Director (MD) and CEO of the bank w.e.f. close of business hours on September 30, 2021, citing personal reasons. The stock also hit a new 52-week low of Rs 19.40 on the BSE.

That apart, Hindustan Unilever swelled to its 52-week high of Rs 2628.85. The stock rose for the 7th day in a row as investors turned to defensive stocks from the FMCG space in a weak market. The stock finally settled 5 per cent higher at Rs 2618.

IndoStar Capital tumbled 12 per cent to Rs 297 on the BSE as the company's offer for sale opened for non-institutional investors today.

Now, going into trade next week, in the absence of any macroeconomic data, global markets are likely to sway the market sentiment. On the global front, all eyes will be on the address by US Federal Reserve Chair Jerome Powell at Jackson Hole, Wyoming symposium. That apart, investors will continue to track the progress of Delta variant of virus and its implications on global growth. Lastly, three IPOs are up for listing next week, namely Nuvoco Vistas, Aptus Value and Chemplast Sanmar.