Market wrap: BSE Sensex, NSE Nifty end choppy day on a flat note

Top headlines
 

• Sensex, Nifty end a choppy day on a flat note; Smallcaps underperform
• Sigachi Industries list at 253% premium, Policybazaar at 17% premium mover issue price
• Nykaa slips 3% as profit falls 96% YoY in September quarter
• Sebi chief says implementation of the T+1 cycle will protect investor interest

 
Benchmark indices oscillated between gains and losses in Monday's session as bargain buying at low levels met with profit booking at higher levels. The BSE Sensex, for instance, gyrated 439 points intra-day but eventually ended just 32 points higher at 60,719.
 
The NSE Nifty, on the other hand, ended six points higher at 18,109. The volatility index, India VIX, was up 1.6 per cent at 15.47 by close.
 
Within the Sensex pack, PowerGrid Corporation and ITC were the major gainers. They rose 2.2 per cent and 3 per cent, respectively. On the other hand, Tata Steel was the biggest laggard. It slipped 3.3 per cent to close at Rs 1,245.
 
In the broader markets, the BSE Midcap index inched up 0.4 per cent, while the Smallcap index was down 0.2 per cent. Overall, the market breadth was negative, as over 2,100 stocks declined on the BSE, against around 1,300 stocks that advanced.
 
Among individual stocks, shares of Nykaa fell over 7 per cent in intra-day trade after the fashion and cosmetics online retailer reported a 96 per cent year-on-year decline in net profit to Rs 1.1 crore in the September quarter. The shares, however, trimmed their losses and settled with a cut of 3 per cent.
 
That apart, shares of Globus Spirits were locked at 5 per cent lower circuit on the BSE today after the company reported lower capacity utilisation on a sequential basis at 90 per cent in Q2. This led to an estimated contribution loss of Rs 25 crore.
 
Sectorally, the Nifty Metal index was the worst performer on the bourses today, down about 2 per cent, after Credit Suisse's Neelkanth Mishra said metal prices could potentially fall in the near future, leading to a significant downside for Indian metal stocks.
 
On the upside, the Nifty Healthcare index gained 2 per cent on the NSE.
 
Now, coming to the stocks that debuted on the bourses today. PB Fintech, the owner of Policybazaar, listed at Rs 1,150 per share, a 17.3 per cent premium on the issue price of Rs 980 on the BSE. The stock finally ended 22.5 per cent higher than the issue price.
 
Sigachi Industries, on the other hand, made a bumper listing, with its stock debuting at Rs 575 per share on the BSE, as against an issue price of Rs 163. At close, the stock was at Rs 604, a 270.5 per cent premium to its issue price.
 
Lastly, the shares of SJS Enterprises made a quiet debut on the bourses, listing flat at Rs 540 on the BSE. They eventually ended at a 5 per cent discount to its issue price at Rs 512.
 
As regards Tuesday, market participants will likely focus on stock-specific action and global cues amid lack of any fresh triggers. In the primary market, the three-day IPO of Tarson Products will be on their radar. As of 4:30 PM today, the IPO was subscribed 98 per cent with the retail portion seeing a subscription of two times.