Market wrap: Sensex snaps 3-day losing run, ends 187 pts up; RIL gains 2%

Top headlines
·       Sensex snaps 3-day losing run, ends 187 pts up; RIL gains 2%
·       Adani Wilmar gains 15% over issue price after weak debut
·       Ugar Sugar Works zooms 40% in 2 days on Rs 200-cr investment plan
·       Sansera Engineering hits new low as profit falls 50% in Q3
·       Vedant Fashions IPO sails through on final day, subscribed 2.56 times
 
The equity markets were highly volatile on Tuesday, rocking back and forth between gains and losses but eventually snapping their 3-day losing streak to end higher amid mixed global cues and fag-end buying in metals, financials, and heavyweight Reliance.
 
The frontline BSE Sensex ended the choppy day 187 points higher at 57,808.58. The 30-pack index was lifted by Tata Steel, which rose 3%, and RIL, which was up 2%. These stocks were followed by the Bajaj twins, and Asian Paints. Titan, Axis Bank, Maruti Suzuki, ICICI Bank, and Bharti Airtel were other top gainers.
 
On the NSE, the Nifty50 ended the session at 17,267, up 53 points. Cipla and Divis Labs were the top gainers on the index. ONGC, Indian Oil Corporation, Power Grid, SBI Life, and Tata Consumer Products were the top laggards.
 
In the broader markets, the BSE SmallCap declined 1.4% and the BSE MidCap index slipped 0.45%.

 
Sectorally, the Nifty PSU Bank index was the top gainer. After falling 2% earlier in the day, it recouped losses by close to end 0.8% up. Other major gainers included Nifty Metal and Pharma, which rose by up to 0.8%.
 
On the flip side, the Nifty Realty, IT and Oil & Gas indices were subdued. They ended up to 0.8% lower. 
 
Among individual stocks, edible oil major Adani Wilmar was in the spotlight today as it made a weak debut on the bourses, defying Street expectations. The stock listed on the BSE at a 4% discount to its issue price of Rs 230, but later climbed over 15% after investors rushed to buy it at lower levels. It settled 20% higher over its listing price.
 
That apart, the stock of Ugar Sugar Works hit a fresh 52-week high and closed 7% up on the BSE on the back of heavy volumes. The stock has zoomed 40% in the past two days, after the company on Friday announced an investment of Rs 200 crore in distillery capacity expansions for ethanol production.
 
On the downside, auto parts maker Sansera Engineering hit a new low as the company's consolidated profit after tax slipped by over 50% in the December quarter. Its revenues fell 3% from the previous financial year. The stock eventually closed 5% lower today.
 
In the primary market, the IPO of Manyavar brand owner Vedant Fashions managed to sail through on the final day. It was subscribed 2.56 times as at 4:10 PM. While the retail investor category was subscribed 0.39 times, the Non-Institutional Investors and Qualified Institutional Buyer portions were subscribed 1.07 and 7.49 times, respectively.
 
On Wednesday, the Q3 earnings of Berger Paints, and PowerGrid will likely be watched, and investors will also react to Bharti Airtel's results. The company posted 3% yearly decline in consolidated PAT at Rs 830 crore for the December quarter, while its revenue grew 12.6% helped by recent tariff hikes and subscriber additions.