Market Wrap, Sept 16: Sensex sheds 262 pts; Nifty ends at 11,004

Equity market ended in the negative territory on Monday as oil prices surged the most in 28 years in the intra-day trade following attacks on key oil producer Saudi Arabia’s crude facilities over the weekend. Counters such as oil marketing companies (OMCs), tyre, paint and aviation stocks tumbled up to 7 per cent following the development. 

The S&P BSE Sensex lost 262 points or 0.70 per cent to close at 37,123 levels, with M&M(down 2.50 per cent) being the top loser and ONGC (up around 1.50 per cent) the biggest gainer. HDFC, Reliance Industries (RIL), SBI and L&T contributed the most to the Sensex's loss while TCS, HUL and Tech Mahindra were among the top gainers.

In the broader market, the S&P BSE MidCap index slumped 38 points, or 0.27 per cent, to 13,628.07 levels, while the S&P BSE SmallCap index surged 83 points, or 0.64 per cent, to 13,096 levels.

On NSE, the Nifty50 index ended at 11,003.50, down 72 points or 0.65 per cent. Out pf 50 constituents, 14 advanced and 36 declined. 

The session was highly volatile as India VIX, the volatility index, jumped around 6 per cent to 14.93 levels. 

Among the sectoral indices on NSE, PSU bank stocks slipped the most, followed by realty and financial services counters. The Nifty PSU Bank settled at 2,479.55 levels, down 32 points or 1.28 per cent. 

BUZZING STOCKS

Among individual stocks, Eveready Industries hit an over five-year low of Rs 57 on the BSE after the company announced that Calcutta High Court has restrained from transferring, alienating or encumbering any of its assets till the application filed by Infrastructure Leasing & Financial Services (IL&FS) was disposed of. The High Court Order is likely to delay the company’s plan to sell its battery business to pare debt.

Equitas Holdings slipped 13 per cent to Rs 102 on the BSE after the Securities and Exchange Board of India (Sebi) on Friday returned the draft scheme with regard to Equitas Small Finance Bank (ESFB), citing that it was not in compliance with the regulatory provisions.