Share Market Updates Today: Indian equity benchmarks traded lower on Wednesday, pausing their winning run of four straight sessions, ahead of the US Federal Reserve's policy outcome later in the day. Market participants widely expect the Fed to raise its benchmark overnight interest rate by 75 basis points (bps) to a range of 3.75 per cent to 4 per cent, the fourth such hike in a row.
Asian stocks mostly moved higher despite an overnight decline on Wall Street. South Korea's KOSPI edged 0.07 per cent higher, the Shanghai Composite index climbed 1.15 per cent and Hang Seng Index surged 2.41 per cent, while Japan's Nikkei index shed 0.05 per cent.
US stock futures climbed, indicating a higher opening for Wall Street today. S&P futures rose 0.11 per cent, Nasdaq futures moved 0.27 per cent higher and Dow Futures edged 0.01 per cent up.
On the domestic front, the Reserve Bank of India's (RBI's) Monetary Policy Committee is also on the cards, scheduled for November 3 (Thursday). The policy-setting committee would potentially discuss its response to the government on its failure to stick to its inflation target for three straight quarters.
Meanwhile, foreign institutional investors bought a net Rs 2,610 crore worth of equities on Tuesday, while domestic investors sold Rs 730 crore of shares, as per provisional data available with the National Stock Exchange.
Here are the share market highlights:
"The Bank Nifty index continued sideways consolidation between the 41,000-41,500 range. The options data suggest stiff resistance on the upside at 41,500 where the highest open interest is built up on the call side. The index once breaches the hurdle of 41,500 will witness a sharp covering on the upside towards 43,000 levels," said Kunal Shah, Senior Technical & Derivative Analyst at LKP Securities.
"With the FOMC's (Federal Open Market Committee's) outcome around the corner, profit-booking and a risk-off mood dragged the domestic market to trade with cuts. Meanwhile, strong US employment figures dented expectations for a slowdown in rate hikes. Since the market has already priced in a 75 bps rate hike by the Fed, market movement will be determined by their comments on its next moves," said Vinod Nair, Head of Research at Geojit Financial Services.
The overall market breadth stood weak as 1,801 shares advanced while 1,670 declined on BSE. The market capitalization (m-cap) of BSE-listed companies fell to Rs 281.57 lakh crore.
Nine out of the 15 sector gauges -- compiled by the National Stock Exchange -- settled in the red. Sub-indexes Nifty Auto, Nifty IT and Nifty Bank underperformed the NSE platform by falling as much as 0.74 per cent, 0.45 per cent and 0.35 per cent, respectively. On the flipside, Nifty Metal and Nifty Pharma rose 0.64 per cent and 0.48 per cent, each, today.
Mid- and small-cap shares finished on a lower note as Nifty Midcap 100 shed 0.08 per cent and small-cap fell 0.12 per cent.
On the stock-specific front, Bharti Airtel was the top Nifty loser as the stock cracked 3.05 per cent to close at Rs 810.10. Apollo Hospitals, Maruti, Eicher Motors and Britannia Industries were also among the laggards. In contrast, Hindalco, Sun Pharma, ITC, ONGC and Tech Mahindra were among the top gainers.
Sensex falls 215 points or 0.35 per cent to close at 60,906, Nifty moves 62 points or 0.34 per cent lower to settle at 18,083
Shares of Mazagon Dock Shipbuilders rallied 13.73 per cent to trade at Rs 725.40. The stock hit an intraday high of Rs 729.
Sensex falls 267 points or 0.44 per cent to trade at 60,855, Nifty moves 74 points or 0.41 per cent lower to trade at 18,072
Shares of Maruti Suzuki India fell 2.36 per cent to trade at Rs 9,232.45. The stock fell to an intraday low of Rs 9,218.05.
Shares of Infibeam Avenues fell 3.18 per cent to trade at Rs 18.25. The stock hit an intraday low if Rs 18.10.
Shares of FSN E-Commerce Ventures, Nykaa parent, were trading nearly 3 per cent lower in Wednesday's trade, taking its year-to-date (YTD) fall to 44.78 per cent. (Read more)
The initial public offer (IPO) of Fusion Micro Finance received bids for 7.08 lakh shares against an IPO size of 2.13 crore shares amounting to a subscription of 3 per cent at 12:09 pm on the first day of bidding today. (Read more)
Shares of IFCI jumped 10.56 per cent to trade at Rs 11.10. The stock hit an intraday high of Rs 11.65.
Sensex slips 222 points or 0.36 per cent to trade at 60,899, Nifty moves 63 points or 0.35 per cent lower to trade at 18,082; Apollo Hospitals, Airtel, Maruti, Eicher Motors, Nestle India among top drags
Shares of Kansai Nerolac Paints plunged 3.09 per cent to trade at Rs 468.95. The stock hit an intraday low of Rs 468.90.
Sensex falls 151 points or 0.25 per cent to trade at 60,970, Nifty moves 40 points or 0.22 per cent lower to trade at 18,105; Airtel, Apollo Hospitals, Maruti, Eicher Motors, Hindustan Unilever among top drags
On Wednesday, the Rs 500-crore issue attracted bids for 17,12,57,616 shares by 11.16 am, which was 11.80 times the issue size of 1,45,11,146 shares. The quota reserved for non-institutional investors was subscribed 17.40 times while that of retail individual investors by 35.49 times. The portion reserved for qualified institutional buyers (QIBs) was subscribed 1.83 times. (Read more)
Shares of Varun Beverages climbed 5 per cent in Wednesday's trade following a better-than-expected September quarter results. Analysts have raised earnings estimates for the Pepsi bottler by 4-8 per cent post the quarterly results and largely recommended a 'Buy’ rating on the stock. The scale-up of the foods portfolio in India and Morocco (new agreement) remains a tailwind, brokerages said.
Shares of Chambal Fertilisers & Chemicals fell 4.45 per cent to trade at Rs 311.70.
Copyright©2023 Living Media India Limited. For reprint rights: Syndications Today