Market Wrap Podcast, July 28: Here's all that happened in the markets today

Three days of selling in markets awarded investors with enough opportunity to lap up stocks available at cheaper prices, resulting in a sharp recovery from day's low even as some caution ahead of the US Fed meet and weakness in global peers persisted.

After plunging over 750 points in the intra-day session, the BSE Sensex recouped most of the losses and ended only 135 points or 0.26 per cent down at 52,444 while its NSE counterpart Nifty settled at 15,709, down 37 points or 0.24 per cent after over 200 points crash in intra-day.

Bharti Airtel, Tata Steel, IndusInd Bank and Bajaj Finserv were among top Sensex gainers while Kotak Bank, DRL, M&M and Power Grid were the top losers.

In the broader markets, BSE Smallcap index with a decline of 0.45 per cent lagged the benchmark index although BSE Midcap settled unchanged.

In the sectoral space, the Nifty Metal index extended gains to the fifth day today. It was the top performer, up over 1 per cent with only Nifty IT as another gainer. PSU Bank, Auto and realty indices faced heavy selling.

On the stock-specific front, shares of Bharti Airtel soared over 5 per cent to Rs 567.90 on the BSE after the company upgraded its prepaid plans and discontinued its Rs 49 entry-level prepaid recharge.

Century Textiles hit an all-time high of Rs 819.50 on the BSE as it reported a consolidated net profit of Rs 25 crore for the quarter ended June 2021 as against a net loss of Rs 36 crore in Q1FY21. It finally ended 16.60 per cent higher at Rs 796.35 per share.

On the other hand, Tata Coffee and Maruti Suzuki investors sold shares following their June quarter show. Tata Coffee's profit declined to Rs 28 crore from Rs 35 crore a year ago, resulting in a 9 per cent decline at Rs 214.75. The stock had touched a 52-week high of Rs 246.75 in early trade.

Maruti Suzuki, meanwhile, missed Street estimates as it posted a net profit of Rs 441 crore in the June quarter. The scrip ended 1 per cent lower at Rs 7150.20.

In trade on Thursday, investors would react to the US Fed meet outcome later in the evening. Further, global cues, Q1 earnings and FII flow trends will continue to sway mood. Maruti and Nestle shares will be in focus in early trade. Nestle India posted an 11 per cent YoY jump in Q2 PAT at Rs 589 crore but missed estimates.

Over 90 companies are slated to post their quarterly earnings on Thursday, including Tech Mahindra, TVS Motors, Future Retail, Lauras Labs, PVR, Raymond, Stove Kraft and Union Bank.

Volatility could remain high on account of monthly F&O expiry.

In the primary market, the initial public offer by Rolex Rings was subscribed nearly 4 times on Day 1 itself while Glenmark Life Sciences too received bids in the same quantum.

Globally, US futures rose with European stocks as positive earnings boosted sentiment, while Asian equities were weaker amid Chinese market turbulence. The Stoxx Europe 600 rose 0.4 per cent and futures on the Nasdaq 100 added 0.3 per cent. The MSCI Asia Pacific Index fell 0.2 per cent.