Market Wrap Podcast, June 18: Here's all that happened in the markets today

Benchmark equity indices slumped over 1 per cent in Friday's intra-day session but made a sharp V-shaped recovery to end the day little changed. Financials and metals exerted pressure on the bourses, even as gains in Reliance Industries, FMCG, and select private bank stocks tried to limit the losses.

The S&P BSE Sensex fell 722 points intra-day but recovered to close 21 points, or 0.04 per cent, higher at 52,344 levels. The broader Nifty50 index, meanwhile, bounced back from the day's low of 15,451 to end at 15,683 levels, down 8 points or 0.05 per cent.

The correction was deeper in the broader markets where the BSE MidCap and SmallCap indices closed 0.7 per cent and 0.89 per cent down, respectively.

Overall, the market breadth was heavily skewed towards bears with the Advance to Decline ratio standing at 1:2. ONGC, Coal India, Power Grid, JSW Steel, UPL, NTPC, M&M, SBI, and Nestle India were the top laggards among the large-cap stocks while Mahanagar Gas, Ashok Leyland, SAIL, Canara Bank, Max Financial Services, Graphite India, HEG, Hindustan Copper, Affle India, and Wockhardt Pharma cracked in the mid-, and small-cap segments.

Sectorally, the Nifty PSU Bank declined nearly 2 per cent while the Nifty Auto, Metal, and Realty indices slipped up to 1 per cent each. On the upside, the Nifty FMCG index ended 0.29 per cent higher.

Buzzing stocks
 

Shares of Vodafone Idea soared 10 per cent on report that the company may raise up to Rs 7,000 crore via QIP route. Reports further suggest the Department of Telecommunication may allow Vodafone Idea to raise funds supported by FDI.

Shares of SBI Cards and Payment Services, on the other hand, tanked 6 per cent to Rs 984 on the National Stock Exchange (NSE) in intra-day trade on Friday after around 64 million shares, representing 6.8 per cent of the total equity of the company, changed hands on the NSE and BSE. While the names of the buyers and sellers could not be ascertained immediately, reports said US-based private equity firm Carlyle planned to offload 5.1 per cent stake in SBI Cards and Payment Services. The stock eventually ended 4 per cent lower on the NSE.

Shares of Nazara Technologies also tanked 12 per cent to Rs 1,463.75 on the BSE in intra-day trade after foreign brokerage firm CLSA initiated coverage on the stock with a Sell rating and target price of Rs 1,095, citing hefty premium valuation. The stock was trading close to its 52-week low level of Rs 1,412.50 hit on April 12, 2021.

Lastly, shares of Adani Ports and Adani Enterprises snapped their four-day losing run as they surged 7 per cent and 9 per cent, respectively. Adani Power, Adani Green, and Adani Transmission, however, hit their 5 per cent lower circuit for the fifth straight day.

In the primary market, the initial public offer of Dodla Dairy garnered subscription of over 45 times on the final day while that of KIMS got oversubscribed by nearly 4 times till 4:15 PM.

Global markets
 

Stocks were stranded just below record highs on Friday, with investors left looking for direction after digesting the US Federal Reserve’s more hawkish stance.

In Asia, MSCI's broadest index of Asia-Pacific shares outside Japan was flat after falling for four sessions. Chinese blue-chip shares were also little changed, along with Japan’s Nikkei.

In Europe, a slide in bank and energy stocks hit shares, with a hawkish policy outlook from the US Federal Reserve also casting a dampener. The pan-European STOXX 600 index was down 0.2 per cent while Germany's DAX index fell 0.3 per cent.