Sensex ends 254 points lower, Nifty below 17,750; HDFC, RIL top drags

Stock Market LIVE: The broader indices, too, turned positive and gained up to 0.8 per cent

3:49 PM

TECH VIEW :: Ashis Biswas, Head of Technical Research at CapitalVia Global Research

The market witnessed some positive movements after the market was able to sustain the Nifty 50 Index level of 17600. It is going to be crucial for the short-term market scenario to sustain above the 17550-17600 Nifty50 Index support zone. If the market is able to sustain the level of 17550-17600, market can witness higher levels of 18000. The technical indicator suggests, a volatile movement in the market in a small range between 17600-18000.

3:48 PM

MARKET QUOTE :: S Ranganathan, Head of Research at LKP Securities

Markets were volatile for the second consecutive day with the street wary of inflation on the back of supply side disruptions and higher commodity prices. As China pulls back on the back of power shortages, export opportunities are seen opening up for several Indian companies with the PLI schemes providing the catalyst. PSE index rose for the second consecutive day with Power stocks hogging the limelight. As the gap between growth and value stocks widen, we are witnessing sector rotation in several pockets. Metals & PSU banks helped stage a recovery in afternoon trade.

3:48 PM

IPO Update :: AB Sun Life AMC subscribed 44% so far on Day 1

3:47 PM

Godrej Properties to redevelop residential project in Mumbai

3:45 PM

HDFC AMC tumbles 6% on block deal

3:44 PM

Power stocks continue to rally; BSE Power index up 3.5%

3:43 PM

Sector Watch :: Nifty Private Bank top loser; Metal, PSU Bank lead gainers

3:42 PM

Broader markets rebound from day's low, outperform benchmark Nifty50

3:36 PM

Sensex Heatmap :: 18 of 30 Sensex stocks end in the red

>> TOP GAINERS: NTPC, PowerGrid, Sun Pharma

>> TOP LOSERS: HDFC, UltraTech, Asian Paints

3:34 PM

CLOSING BELL :: Nifty50 ends below 17,750 ahead of Sept F&O expiry

3:33 PM

CLOSING BELL :: Sensex recovers 300 points from day's low, ends 254 points down

>> Recovery in European markets and buying at lower levels helped index recoup losses

3:19 PM

CABINET BRIEFING

- Govt approves doubling Neemuch-Ratlam Railway line

- Govt took decisions on railway projects

- Cabinet approves Rs 4400 cr extra capital injection in ECGC

3:13 PM

BSE Power index surges to a 10-year high, up nearly 4% on demand pick-up

Tata Power, CESC, NTPC and Bharat Heavy Electricals (BHEL) from the index rallied between 5 per cent and 10 per cent on the BSE in intra-day trade on Wednesday. Power Grid Corporation, Torrent Power and Adani Power were up in the range of 3 per cent to 4 per cent. READ MORE

2:55 PM

Dollar at strongest levels of 2021 as traders brace for Fed taper

The dollar stood at its strongest levels of the year on Wednesday, after rising along with U.S. yields on investor concerns that the Federal Reserve will start to withdraw policy support just as global growth slows.

 

The euro fell to $1.1657, its lowest since November 2020 and the dollar index rose to an 11-month high of 93.891. READ MORE

2:44 PM

Sensex Heatmap :: Gainers overtake losers

2:29 PM

ALERT :: Sensex off day's low

2:29 PM

Oil will be world's No. 1 energy source for decades, says OPEC

As the world's nations prepare to gather for another climate summit next month in Glasgow, the OPEC oil cartel is reminding that, in their view, crude will continue to be the leading source of energy for decades, especially as the world's less-wealthy countries seek higher growth and standards of living. OPEC says that more electric vehicles on the road and the push for alternative and renewable energy will indeed usher in an era of declining demand for oil in rich countries. READ MORE

 

2:14 PM

ALERT :: SBI Card announces festive offer

>> SBI Card has announced launch of the three-day mega shopping festive offer - 'Dumdaar Dus' - starting 3 October 2021. During this SBI Card retail cardholders will have the freedom to shop on line on any domestic e-commerce site, and not be restricted to just one or two, to avail the 10 per cent cash back.

2:12 PM

This SME pharma stock has zoomed 108% thus far in September

Shares of Kwality Pharmaceuticals were locked at the upper circuit limit for the seventh straight trading session, up 5 per cent at Rs 797.20 on the BSE on Wednesday. The stock of pharmaceutical company was trading at its all-time high and has rallied 108 per cent thus far in September. In last three months, the stock has zoomed 398 per cent, as compared to 12.8 per cent rise in the S&P BSE Sensex. READ MORE

 

2:00 PM

Bonds rise, Re weakens to 1-month low on risk aversion

Indian bonds rose while the rupee weakened to its lowest level in a month on Wednesday, as expectations that the US Federal Reserve would soon start to unwind bond purchases gained momentum again and lifted the dollar.

1:50 PM

European stocks stabilise after tech-driven rout

European stocks steadied on Wednesday after one of the worst market routs this year, with investors turning to defensive healthcare stocks amid lingering concerns about growth and inflation. The pan-European STOXX 600 index rose 0.8% after shedding 2.2% on Tuesday in their biggest percentage daily decline since mid-July.

 

In a widespread risk-off sentiment, global stocks tumbled in the previous session as government bond yields surged on growing expectations of faster interest rate hikes and steered investors away from high-growth technology stocks. European tech sector remained under pressure, up just 0.5% after losing 4.8% on Tuesday.

 

Source: Reuters

1:39 PM

Godrej Properties to redevelop residential project in Mumbai; stock up 8%

Shares of Godrej Properties hit a new high of Rs 2,409.95 as they rallied 8 per cent on the BSE in the intra-day trade on Wednesday after the company said it will develop a residential project in Wadala, Mumbai. The stock of Mumbai-based real estate developer surpassed its previous high of Rs 2,328.95 touched on September 27, 2021. READ MORE

 

1:18 PM

ALERT :: Veeda Clinical Research files for IPO to raise Rs 831 crore

>> The issue will consist of an issuance of fresh equity shares worth up to Rs 331.60 crore and an offer for sale (OFS) of Rs 500 crore by promoters and existing shareholders

 

Source: TV reports

1:05 PM

Lupin launches Droxidopa capsules in the United States

>> The company had received US FDA's approval for the drug in 100 mg, 200 mg, and 300 mg
 

>> The product is manufactured at Lupin's facility in Nagpur, India
 

12:53 PM

Brickwork Ratings India revises outlook of Elecon Engineering to 'stable' from 'negative'

>> The rating agency affirmed the company's rating at 'A-'

12:45 PM

Vodafone Idea, Escorts: 5 mid-cap stocks to bet on amid market weakness

The markets have witnessed some weakness in the last few trading sessions, with the S&P BSE Sensex and Nifty 50 losing their winning streak. Both the indices failed to record new highs and struggled to show stability. The BSE Sensex virtually lost 1,000 points in one session. READ MORE

 

12:35 PM

IPO Update :: Aditya Birla Sun Life AMC IPO subscribed 24% so far on first day of bidding

>> The bidding for the issue will continue for three days till October 1

12:26 PM

Sun Pharma gains 4% in 2 days after launching cough syrup Chericof 12

Shares of Sun Pharmaceuticals Industries were up nearly 2 per cent at Rs 792.85 on the BSE in Wednesday’s intra-day trade, gaining 4 per cent in the past two trading days, after the company launched a novel formulation in cough management, Chericof12 (Dextromethorphan Hydrobromide 30mg and Chlorpheniramine Maleate 4 mg) in India. The stock of the pharmaceutical company was trading close to its 52-week high level of Rs 804.40 touched on August 3, 2021. READ MORE

 

12:15 PM

Nifty Bank falls over 1% led by AU Small Finance Bank, PNB

11:56 AM

HDFC AMC dips 7% on BSE after 5% equity changes hands via block deals

Shares of HDFC Asset Management Company (AMC) dipped 7 per cent to Rs 2,871 on the BSE in Wednesday’s intra-day trade after 5 per cent equity of the company changed hands on the counter via block deals. At 09:15 am, around 11.06 million equity shares, representing 5.19 per cent of HDFC AMC's equity, changed hands on the counter on the BSE at a price of Rs 2,878 per share, exchange data shows. The names of the buyers and sellers could not be ascertained immediately. READ MORE