Market Wrap Podcast, September 21: All that happened in the markets today

The Indian benchmark indices recovered after yesterday's fall on the back of a recovery in U.S. futures and Europe markets. U.S. Stock futures rose on Tuesday, suggesting markets were poised to rebound a day after concerns about China's property sector helped fuel a global selloff in stocks and commodities.

Today, the 30-pack BSE Sensex gained 514 points to end above the 59,000-level. Out of the 30 stocks in the BSE Sensex index, 24 ended in the green. The Nifty50 closed 1 per cent higher at 17,562 led by gains in IT, metal, and realty stocks. Only 10 stocks from the Nifty basket closed in the red.

Sectorally, the only laggards were the Nifty Auto and PSU bank indices. On the other hand, Nifty Realty ended with a gain of 3.57 per cent, Nifty Metal (up 2.55 per cent), Nifty IT (up 1.94 per cent) and Nifty Pharma (up 1.29 per cent).

In the broader markets, the trend was mixed as Nifty Midcap 100 gained 0.64 per cent and the Nifty Smallcap 100 declined 0.14 per cent. Further, the volatility index -- India VIX -- too eased 6.29%.

That said, SBI Cards was in focus today on the back of a block deal, wherein Carlyle Group proposed to divest 3.4 per cent stake in the company. The company's shares tanked 6 per cent but ended less than 1 per cent down.

The Rs 171 crore IPO by Paras Defence and Space Technologies sailed through on the first day itself as the IPO was fully subscribed in the first hour itself. So far, the shares on offer have been subscribed 16.12 times, with the bulk of the subscription coming from retail investors. The portion reserved for retail investors was subscribed 30.55 times.

The markets are likely to continue to be volatile going into the trading day on Wednesday. According to tech analyst Ashis Biswas of CapitalVia Global Research, 17,450-17,500 will be an important support zone for the market to stay positive in the short term. If the market is able to sustain the level of 17450-17500, the market can witness higher levels of 17850, Biswas added.

Investors will be eyeing the FOMC meet which is expected later on Wednesday for clarity on the outlook for tapering as well as interest rate timelines. While the Fed's planned reduction of bond purchases has been in focus this year, their view on interest rates will likely be the fresh triggers to move markets world over. Lastly, stock-specific news flow, as well as news related to Covid-19 vaccinations will also drive the markets on Wednesday.