Market Wrap Podcast, September 23: All that happened in the markets today

In a record-breaking rally on Dalal Street, the domestic benchmark indices logged strong triple-digit returns, with the BSE Sensex ending close to the 60,000 mark at 59,885, up 958 points. Meanwhile, the NSE Nifty settled today's trade 276 points higher at 17,823. Sensex touched an all-time high of 59,957 in intra-day deals and Nifty of 17,844.

The investors took the US Fed's announcement that tapering may start as soon as November in their stride. Further, encouraging news on the Evergrande crisis also helped to clear some uncertainty on the global front. Analysts, however, caution that Evergrande is due to pay $83.5 million worth of interest on a dollar-denominated bond on Thursday and any negative news on this front could impact global sentiments.

Meanwhile, Dr VK Vikaykumar of Geojit Finacial Service said that all previous bull markets in India had big corrections of 5-20 per cent but this has not happened so far. He warns that this will change and the market will correct, perhaps soon, since valuations are hard to justify. He advises that taking some money off the table may not be a bad idea even while riding this bull.

In the 30-pack Sensex, 25 index stocks closed higher while five in the red. Bajaj Finserv was the best performing stock, followed by L&T, HDFC and Axis Bank. On the flip side, DRL, ITC and Nestle India were the top losers.

The sentiment remained robust in the broader markets too as the BSE Midcap touched new high in intra-day session and ended 1.31 per .cent higher. The BSE Smallcap rose 0.91 per cent. Overall, investors added Rs 3.1 trillion to their kitty.

That said, in the sectoral space, the buying was broad based, with most indices except Media ending in the red, mainly on account of profit-taking post 13 per cent rally on Wednesday. Nifty Realty was the best performer, up 8.7 per cent. The index continued its momentum sparked by demand revival in the property space. Bank and financial services-focussed sectors too jumped over 2 per cent.

In stock-specific news, shares of JBM Auto surged to a new 52-week high after the company said it has bagged orders for 500 buses from various clients. The stock ended the day 13 per cent up at Rs 519.

That apart, shares of Bajaj Finserv jumped over 5 per cent to cross the Rs 18,000 mark for the first time. The stock hit a new high of Rs 18,755 in intra-day deals and its market cap neared Rs 3 trillion. The stock finally settled at Rs 18,519.

Speculation of the RIL takeover of JBF Industries fuelled a rally in the stock. The stock ended at its 5 per cent upper circuit.

Amid a strong secondary market action, the primary markets too didn't shy away. The IPO by Paras Defense and Space Technology turned to be the most subscribed Indian IPO ever. The company received over 300 times on the final day of the bidding process, pipping Salasar Technology as the most subscribed IPO.

Now, going into trade on Friday, the market participants will keenly eye if the BSE Sensex crosses the 60,000 mark as it is less than 150 points from achieving this feat. Developments around the Evergrande Group in China and the global mood may guide the markets. The likely listing of Sansera Engineering and other stock-specific moves can also sway market sentiments.