Market Wrap Podcast, Nov 8: Here's all that happened in the markets today

The key benchmark indices logged smart recovery on Monday amid nearly broad-based buying. The BSE Sensex index, after gyrating between 60,609 and 59,779 levels, finally ended 478 points higher at 60,546.

The NSE Nifty also hit a low of 17,836 and a high of 18,088 before settling 152 points higher at 18,069.

Titan, UltraTech Cement, Bajaj Finserv, Tech Mahindra, Kotak Bank, HDFC, NTPC, PowerGrid Corporation and Bajaj Finance rallied between 2 and 4 per cent each and were the major gainers among the Sensex 30 stocks.

Among these, UltraTech Cement surged over 5 per cent in the intra-day trade to a record high at Rs 8,267 on the back of strong demand outlook. The stock finally ended 4 per cent higher at Rs 8,208.

On the other hand, IndusInd Bank tumbled over 12 per cent to Rs 1,042 in the intra-day trade today on reports of a whistleblower complaint of loan evergreening. On its part, the bank said that the allegations made by certain anonymous individuals are grossly inaccurate and baseless.  

That apart, the broader markets also logged decent gains. The BSE Midcap index jumped 1.3 per cent to 26,333, and the Smallcap index gained 0.9 per cent at 29,148.

Individually, shares of Canara Bank hit an over two-year high of Rs 246 after they rallied 7.4 per cent on the BSE after rating agency ICRA upgraded the rating of Bank's Basel III Tier II Bonds to "ICRA AAA (Stable)" from "ICRA AA+(hyb) (Stable)". The rating agency has also upgraded its ratings on the Basel III Additional Tier I Bonds to "ICRA AA+ (Stable)" from "ICRA AA (hyb) (Stable)".

Besides, shares of gold loan financiers Manappuram Finance and Muthoot Finance hit their respective record highs and rallied up to 10 per cent on the BSE in Monday's intra-day trade after Muthoot Finance reported a strong growth in gold loan for the quarter ended September 2021 (Q2FY22).

Muthoot Finance hit a record high of Rs 1,683, surging 10 per cent after it posted a 8 per cent jump in consolidated net profit at Rs 1,003 crore in Q2FY22 compared to Rs 931 crore in Q2FY21, owing to an improved performance on gold loans. The stock surpassed its previous high of Rs 1,638.50 touched on August 4, 2021.

Meanwhile, the stock of Manappuram Finance, too, hit a record high of Rs 219.55, up 5.5 per cent, surpassing its previous high of Rs 218 touched on July 30, 2021.

On the sectoral front, all except the Nifty Pharma and Bank indices ended in the green. The Nifty PSU Bank index was the top gainer, up 2 per cent on the NSE, followed by the Nifty Media, Realty, Metal, and IT indices, all ending around 1.5 per cent higher.

On the downside, the Nifty Private Bank and Pharma indices dropped 0.9 per cent and 0.7 per cent, respectively.

Now, let's go to the primary market action. The initial share sale of Paytm, worth Rs 18,300  crore, clocked a slow start on the first day of the issue. The IPO was subscribed 16 per cent till about 3:45 PM on day 1.