Market wrap: Benchmark indices decline for a third straight day

Here's all that happened in the markets today:
 
Top headlines

• Benchmarks extend their losing streak into third day; Sensex falls 433 points
• Capital goods index hits record high in a weak market
• Godrej Consumer Products' Q2 profit rises 4.6% YoY, misses estimates
• SC asks Future not to proceed with RIL deal till next hearing
• Sapphire Foods IPO sails through on final day

 
Benchmark indices declined for a third straight day today as rising inflation in the US seems to have worried the Street. With consumer inflation rising to a 30-year high but the Fed maintaining its stance that the situation is transitory, many believe that the Fed is behind the curve.
 
Therefore, if the entrenched inflation forces the central bank to accelerate tapering and advance rate hikes, there could be a sharp correction in the markets globally, including India.
 
Amid these fears, the benchmark S&P BSE Sensex erased 433 points and closed at 59,920. The Nifty50, on the other hand, settled with a loss of 143 points at 17,874.
 
SBI, down nearly 3 per cent, was the top laggard among the Sensex stocks. It was followed by Bajaj Finserv, Tech Mahindra, Sun Pharma, Bajaj Finance and Axis Bank. On the upside, Titan ended 1.7 per cent higher ahead of its September quarter results.
 
In the broader markets, the BSE Midcap and Smallcap indices slipped 0.6 per cent and 0.5 per cent, respectively.
 
Among individual stocks, shares of Godrej Consumer Products ended 2.5 per cent lower after the company's Q2 results missed Street expectations. It reported a net profit of Rs 479 crore, up 4.6 per cent YoY, while revenue grew 8.5 per cent to Rs 3,164 crore.
 
Those of Future Group, on the other hand, ended flat with a positive bias, even as the Supreme Court asked the Group not to proceed with its case against Amazon at any other forum until the case is finally heard. 
 
Sectorally, the BSE Realty index plunged 2.5 per cent, while the Bankex, Healthcare and Telecom indices were down over one per cent each.
 
The BSE Capital Goods index, which hit a record high of 29,057 in intra-day trade, also ended 0.14 per cent lower. Among individual stocks, Larsen & Toubro, Grindwell Norton and Timken also hit their respective record highs on the BSE in intra-day trade.
 
And before we close, a look at the primary markets. Sapphire Foods, the owner of Pizza Hut and KFC chain of restaurants, ended its three-day share sale with 6.5 times subscription, backed firmly by retail and QIB investors.
 
The IPO of Latent View Analytics, meanwhile, has been subscribed 23 times and will close tomorrow.