Market Wrap Podcast, July 30: Here's all that happened in the markets today

Participants on Dalal Street had cold feet in the last hour of trading on Friday as they avoided rolling off positions to the next week amid global market uncertainty. After rising over 250 points in the intra-day session, the BSE barometer Sensex closed the day 66 points lower at 52,587 while its NSE counterpart Nifty ended 15 points down at 15,763.

The move was in line with the global mood as equities from the US to Australia declined. US futures hinted at a weak Wall Street opening. European shared retreated from record-high levels. And Asian markets were still reeling from China's crackdown.

Back home, RIL and financials were the top drags, with Bajaj twins and SBI leading the loser pack on Sensex. On the other hand, Sun Pharma and Tech Mahindra were the top gainers, followed by Power Grid and Bajaj Auto.

Sun Pharma stock rallied over 10 per cent to Rs 774 after it posted a better-than-expected Q1 earnings show. Its net profit was up 73 per cent year-on-year (YoY) at Rs 1,979 crore, mainly due to robust operational performance. Its consolidated sales from operations came in at Rs 9,669 crore, a growth of 29 per cent over Q1 last year.

Tech Mahindra's stock vaulted to a record high on Friday after the IT giant also beat Street estimates in the June quarter. The stock after hitting a high of Rs 1237 in intra-day ended 7.24 per cent higher at Rs 1209.45.

Consequently, on the sectoral front, the Nifty IT index hit a new high too. The index rose to 30,818.55 in intra-day trade and finally ended the day 0.36 per cent up. Nifty Media, meanwhile, was the best performer with a nearly 4 per cent gain. Nifty Metal, on the other hand, after scaling a new high at 5,879.10 failed to hold gains and emerged the worst loser, down 0.7 per cent.

Broader markets outperformed benchmarks. Nifty Midcap index rallied over 1 per cent and Nifty Smallcap 0.44 per cent.

Another top mover of the day was Garware Hi-Tech that hit 5 per cent upper circuit after marquee investor Ashish Kacholia bought nearly one per cent additional stake in the commodity chemicals company via open market on Thursday.

In the primary market, investors came in hoards to bid for Rolex Rings on the last day of the process. The IPO was subscribed over 130 times so far, with HNI category the most oversubscribed.

Next week too, the primary market action will remain high as two IPOs -- Windlas Biotech and Devyani International -- will open for subscription.

Further, the earnings action will remain high as prominent players like HDFC, SBI, PNB, Bharti Airtel, Dabur, Titan, Cipla, Tata Chemicals, BEML, Hindalco, M&M are slated to post their results next week.

Besides, RBI policy meet, auto sales figures and macro data along with global cues will guide Street next week.