Share Market Highlights: Sensex, Nifty end lower in volatile trade; FMCG, banking stocks drag

Indian equity benchmarks on Tuesday finished lower in a volatile trade as losses in consumer goods and banking stock countered gains in metal and energy. The 30-share BSE Sensex fell 49 points or 0.08 per cent to close at 59,197; while the broader NSE Nifty moved 10 points or 0.06 per cent to settle at 17,656.

Asian shares mostly edged higher today after China pledged to make renewed efforts to boost its economy, while investors pinned hope on more clarity ahead of a number of central bank meetings. The European Central Bank would meet on Thursday to discuss rate actions, followed by a U.S. Federal Reserve meeting on September 21.

Wall Street fared better as S&P 500 futures rose 0.67 per cent, Nasdaq futures jumped 0.72 per cent and Dow Jones futures moved 0.60 per cent higher, indicating a rosy start for Wall Street. U.S. markets were shut on Monday for the Labour Day holiday.

Here are the stock market highlights:

* Dreamfolks' first trading day: Shares of the airport service aggregator witnessed some profit booking after listing with strong gains. It finally settled at Rs 462.65, up 41.92 per cent over its issue price of Rs 326 (upper band).

* Market breadth: The overall market breadth stood slightly positive as 1,787 shares advanced while 1,662 declined on BSE.

* Top gainers & losers: On the stock-specific front, Tata Consumer Products was the top Nifty loser as the stock cracked 2.23 per cent to close at Rs 818.75. Bajaj Finserv, Britannia, M&M and Bajaj Finance were also among the laggards. In contrast, Apollo Hospitals, Bharti Airtel, NTPC, Shree Cement and SBI Life were among the top gainers.

* Sectoral indices: Eight out of the 15 sector gauges -- compiled by the National Stock Exchange -- settled in the red. Sub-indexes Nifty FMCG and Nifty Bank underperformed the NSE platform by falling as much as 0.52 per cent and 0.35 per cent, respectively.

* Mid & small-cap: Mid- and small-cap shares, however, finished on a strong note as Nifty Midcap 100 rose 0.58 per cent and small-cap climbed 0.29 per cent.

* Market closing: Sensex fell 49 points or 0.08 per cent to close at 59,197 today; while Nifty moved 10 points or 0.06 per cent to settle at 17,656.

* Top gainers on BSE: Bharti Airtel, NTPC, Reliance Industries, PowerGrid, ICICI Bank, SBI, Axis Bank, HDFC twins (HDFC and HDFC Bank), HCL Tech, Maruti, Titan and Tata Steel.

* 12:22 pm: Sensex rises 91 points or 0.15 per cent to trade at 59,337, Nifty up 27 points or 0.15 per cent to trade at 17,693; banking, metal stocks climb

* 11:49 am: Sensex edges 14 points or 0.02 per cent higher to trade at 59,260, Nifty up 6 points or 0.02 per cent to trade at 17,672; banking shares offset losses in technology stocks

* 11:40 am: The overall market breadth stood slightly positive as 1,686 shares were seen advancing while 1,576 were declining on BSE.

* Dreamfolks founder on strong market debut: Commenting on the robust market listing, founder & managing director, Dreamfolks, Liberatha Kallat told Business Today that there was a robust moat in the company. Dreamfolks made a robust debut on bourses on Tuesday with its shares listed at a premium of around 55 per cent compared to its IPO price.

* 10:34 am: Sensex falls 212 points or 0.36 per cent to trade at 59,034, Nifty down 61 points or 0.34 per cent to trade at 17,605; IT, FMCG stocks drag

* Dreamfolks makes strong debut: Shares of Dreamfolks, the country's largest airport service aggregator platform, made a strong debut at the exchanges today. The stock got listed at Rs 505 on the BSE index, a premium of 54.91 per cent against the issue price of Rs 326 (upper band). On NSE, the scrip started trading at Rs 508.70.

* 9:58 am: Sensex down 31 points or 0.05 per cent to trade at 59,214, Nifty slips 1 point or 0.01 per cent to trade at 17,665; IT stocks drag

* Market opening: Sensex rises 120 points or 0.20 per cent to trade at 59,366; Nifty up 56 points or 0.31 per cent to trade at 17,721

* Expert View: "Markets are likely to open higher in early trades Tuesday tracking a cautious optimism trend in the rest of the Asian pack. Although there are no major negative developments on the domestic front to trigger a downfall, the ongoing energy crisis in the European Union after Russia stopped fuel supply to the region could result in a sentimental impact across global markets, including India. Also, caution will prevail in the wake of escalating China-US tussle and the hawkish Fed bets. Further, WTI crude futures surging over 3 per cent to the $90-per-barrel mark after OPEC+ surprised markets by agreeing on a slight oil production cut could weigh on sentiment amid concerns over inflation challenges," said Prashanth Tapse - Research Analyst, Senior VP (Research), Mehta Equities Ltd.

* Pre-opening: Sensex rises 391 points or 0.66 per cent to trade at 59,637.

* Forex update: "As the broader theme for the markets currently is a hawkish Fed and a stronger dollar (given by strong US fundamentals), the pressure on the EM currencies and DM currencies is likely to stay in place and the Rupee can’t shy away from it completely to keep its competitiveness in the face of the Asian peers weakening. Any short-term dip below 79.40 seems to fade off quickly and the USDINR pair is poised for a rebound towards 79.90-80.10 levels. As long as the pair remains in a confined range of 79.20-80.10, dips near 79.40 can be used for buying, and upticks near 80.00 could be utilized for selling," said Amit Pabari, MD, CR Forex.

* Expert View: "On the technical front, Nifty formed a bullish candle on the daily chart however the chart structure has not witnessed any imperative changes and continues to remain rangebound. There is evidence of a reversal pattern in the weekly time frame hence in coming sessions, the key thing to watch will be a faster retracement above August highs of 18,000 that will signal the end of the ongoing corrective phase. Else, prolonged consolidation in 17,200-17,800 range is expected to continue. On the oscillator front, the 14-period RSI has witnessed a sell crossover and presently trading below the 60-level mark. Thus, one needs to avoid trading aggressively amid global nervousness. Considering the present situation, a bare minimum correction of 38.6 per cent of the entire rally from 15,183 to 17,992 comes around 16,900 followed by a 50 per cent correction at 16,600. On the upside present setup indicates that Nifty can move towards 17,992 followed by 18,114 in the coming days with immediate support standing at 17,350 and the index need to sustain above the said level with some authority for the bulls to strengthen their stance. During the day index is likely to open on a flat note bit and is expected to trade in a range with a positive bias, a sustainable buying could only emerge on the move above 17,800 levels," said Tirthankar Das, Technical & Derivative Analyst, Retail, Ashika Stock Broking Ltd.

* IPO listing: DreamFolks Services would make its share market debut today. Dreamfolks is a dominant player and India’s largest airport service aggregator platform having a unique, asset-light, capital-efficient business model.

* SGX Nifty: Trends on SGX Nifty indicated a higher opening for the markets back home. The Nifty Futures on Singapore Exchange also known as the SGX Nifty Futures rose 26 points or 0.15 per cent to 17,710.5.

* Previous session: The 30-share BSE Sensex had jumped 443 points or 0.75 per cent to close at 59,246 on Monday; while the broader NSE Nifty had moved 126 points or 0.72 per cent to settle at 17,666.