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    Sensex ends in red despite superb recovery; Airtel leaps 5%, DRL down 3%

    Synopsis

    Jitters over Chinese clampdown on tech firms and wariness over ongoing Fed meeting outcome, continue to disturb the domestic market. But, broader markets saw interest in buying across pockets like paper, steel and home textiles, noted analysts.

    Sensex sheds 135 pts, Nifty holds 15,700; bank stocks tumble, Airtel rallies 5%
    NEW DELHI: Thanks to the low-level buying, benchmark indices scripted a superb recovery throughout the day but still fell short, ending the day in the red on Wednesday. Bank and financials were under pressure while telecom and metals were in good demand.

    Jitters over Chinese clampdown on tech firms and wariness over ongoing Fed meeting outcome, continue to disturb the domestic market. But, broader markets saw interest in buying across pockets like paper, steel and home textiles, noted analysts.

    The 30-share pack Sensex declined 135.05 points or 0.26 per cent to close at 52,443.71. The index rose about 640 points from its lows. Its broader peer NSE Nifty fell 37.05 points or 0.24 per cent to 15,709.40.

    “Due to a weak start to the sector earnings, pharma stocks continued to trade in bear’s grip while banking, auto and realty stocks were feeble too. Globally, the Fed’s comment on economic recovery, inflation and monetary policy may provide hints about tapering, which will determine the mood of the market in near future," said Vinod Nair, Head of Research at Geojit Financial Services.

    Market at a glance:
    • BLS International jumps 11 per cent after blockbuster Q1 results
    • IndiGo takes a dip after posting larger than expected loss
    • Bharti Airtel surges as co increases tariff prepaid customers
    • India VIX, a barometer of volatility, rises another 3.5 per cent
    • IPO watch: Glenmark Life subscribed 3.5x; Rolex Rings 3x

    Among the blue-chip names, Bharti Airtel was the top gainer, rising 5.07 per cent. Tata Steel, SBI Life Insurance, Divi’s Labs, IndusInd Bank, JSW Steel, ICICI Bank and Bajaj Finserv were other gainers.

    Dr Reddy’s Laboratories was the top loser in the Nifty pack for another day, falling 2.57 per cent. Kotak Mahindra Bank, Tata Motors, M&M, Cipla, NTPC and Tata Consumer were others that ended in the red.

    Broader market indices ended lower underperforming their headline peers. Nifty Smallcap fell 0.50 per cent and Nifty Midcap declined 0.50 per cent. Nifty 500, the broadest index on NSE, ended down 0.23 per cent.

    "The earnings announcement from key Nifty majors and monthly derivatives expiry would keep the participants busy. Traders should continue with a selective approach and wait for further clarity."

    — Ajit Mishra, Religare Broking


    Trident, Welspun India, TV18 Broadcast, SAIL, Fhani Services and Ajanta Pharma were top gainers from mid and smallcap indices, climbing in the range of 3-5 per cent.

    Navin Fluorine, Dalmia Bharat, Canara Bank, Aarti Drugs, Firstsource Solutions and Sequent Scientific were major losers from broader market space, falling in the range of 3-7 per cent.

    The sectoral matrix on the NSE was mixed. Nifty Metal climbed 1.22 per cent while Nifty IT followed with 0.21 per cent gain. Nifty PSU Bank was the top loser, dropping 1.88 per cent. Nifty Auto and Nifty Realty were other losers.

    Market breadth was in favour of losers as 1,414 stocks ended in the green, while 1,791 names settled with cuts. As many as 425 securities hit 52-week highs, mostly from the smallcap space. Meanwhile, 15 names hit 52-week lows, mostly from the microcap space. About 435 stocks hit upper circuit limits and 245 lower circuit limits.

    European markets were trading higher. London-based FTSE was up 0.23 per cent while Paris and Frankfurt advanced 0.72 per cent and 0.17 per cent, respectively. In Asia, Singapore, Hong Kong and South Korea ended in the green while others closed with losses.



    (What's moving Sensex and Nifty Track latest market news, stock tips and expert advice, on ETMarkets. Also, ETMarkets.com is now on Telegram. For fastest news alerts on financial markets, investment strategies and stocks alerts, subscribe to our Telegram feeds .)

    Download The Economic Times News App to get Daily Market Updates & Live Business News.

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    Top Trending Stocks: SBI Share Price, Axis Bank Share Price, HDFC Bank Share Price, Infosys Share Price, Wipro Share Price, NTPC Share Price

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    (What's moving Sensex and Nifty Track latest market news, stock tips and expert advice, on ETMarkets. Also, ETMarkets.com is now on Telegram. For fastest news alerts on financial markets, investment strategies and stocks alerts, subscribe to our Telegram feeds .)

    Download The Economic Times News App to get Daily Market Updates & Live Business News.

    Subscribe to The Economic Times Prime and read the Economic Times ePaper Online.and Sensex Today.

    Top Trending Stocks: SBI Share Price, Axis Bank Share Price, HDFC Bank Share Price, Infosys Share Price, Wipro Share Price, NTPC Share Price

    ...more
    The Economic Times

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