Market wrap: A day after massive sell-off, Sensex, Nifty gain 0.3% each

Top headlines

• Sensex rebounds 946 pts from day's low, ends 198 points up

• Paytm shares gain 10% after sliding 37% in 2 days

• MobiKwik to delay planned IPO, says CEO

• Latent View Analytics lists at 169% premium

Market bulls dwelled over bears on Dalal Street today after a massive sell-off on Monday. Despite tepid global cues, the benchmark indices ended 0.3 per cent higher amid solid buying in metals, PSU bank, realty, and pharma shares.

The headline S&P BSE Sensex index gyrated over 1,100 points intra-day and ended 198 points higher at 58,664. Power Grid, NTPC, Tata Steel, Bharti Airtel, Sun Pharma, and Bajaj Finserv were the top gainers within the 30-share pack. The laggards were IndusInd Bank, Asian Paints, Infosys, Bajaj Auto, and Maruti Suzuki.

On the NSE, the Nifty50 index ended the day at 17,503, up 87 points. The index touched a low of 17,200 earlier in the day.

Meanwhile, in the broader market, the BSE MidCap and SmallCap indices closed 1.6 per cent and 1.8 per cent higher, respectively.

On the sectoral front, all key indices ended in the positive territory today, led by the Nifty Metal index, which rose 3.3 per cent, and the Nifty PSU Bank index, which was up 2.4 per cent.

The overall market breadth was also in buyers’ favour in a 3:1 ratio. That said, India VIX rose 3 per cent and topped 18 today.

Among individual stocks, Latent View Analytics made a strong market debut on the bourses today, listing at Rs 530 per share on the BSE. This was a 169 per cent premium to the issue price of Rs 197. On the National Stock Exchange (NSE), the shares debuted at Rs 512, 160 per cent higher than the issue price.

That said, given the stock's solid listing pop, analysts are advising short-term investors to partially book profit, even as long-term investors can continue to hold the stock. The shares ended at Rs 488 apiece, up 148 per cent against the issue price.

That apart, Vedanta shares surged 10 per cent intra-day to a high of Rs 361 on the BSE, after nearly 7 per cent of total equity of the metal company changed hands via multiple block deals. The promoters of Vedanta, Twin Star Holdings Limited and Vedanta Netherlands Investments BV were reportedly looking to purchase up to 170 million equity shares of Vedanta Limited at an indicative price of Rs 350 per share.

Lastly, the shares of One97 Communications, the parent company of digital payments major Paytm, rose 12 per cent intra-day to Rs 1,525 on the BSE after a sharp 37 per cent decline in the first two trading days after debut. The shares eventually ended 10 per cent higher.

In a separate development, digital payments firm MobiKwik has delayed its plans to bring an initial public offering this month, CEO Bipin Preet Singh told Reuters. The move may have been due to the dismal market debut of larger rival Paytm earlier this month.

Going into trade tomorrow, market participants should expect a volatile session, given the scheduled F&O expiry on Thursday. Besides, subdued global cues, a strong US dollar and FII outflows are some of the global headwinds that may affect the sentiment.