Market Wrap Podcast, January 11: All that happened in the markets today

The equity markets ended the day in the positive territory for a third session after facing bouts of volatility during the day. After oscillating 408 points, the BSE Sensex index ended at 60,617 level, up 221 points or 0.37 per cent. Its counterpart, the Nifty50 shut shop at 18,056 levels, higher by 52.45 points or 0.29 per cent.

Private mortgage lender HDFC was the top contributor towards the Sensex's total gains, followed by RIL, HCL Technology, TCS, Infosys and Tech Mahindra. All these counters were up between 1 per cent and 4.4 per cent. On the downside, Tata Steel, Bajaj Finance, Kotak Bank, ITC, and Dr Reddy's were the top laggards.

The broader markets were quiet today with the BSE MidCap and SmallCap indices ending little changed.

AU Small Finance Bank, Trent, Gujarat Gas, Emami Paper Mills, and Texmaco Rail were the top gainers from the space. Gabriel India, Omaxe, Poonawalla Fincorp, and Vodafone Idea, meanwhile, were the biggest losers.

Sectorally, the Nifty Metal index was the biggest loser of the day, and ended nearly 2% lower after brokerage Jefferies expressed lower optimism on the sector as weak macro and demand concerns in China are seen weighing on metal prices. The brokerage downgraded its ratings on Tata Steel from 'Buy' to 'Hold' and JSW Steel from 'Buy' to 'Underperform'. The two stocks closed 3% lower. 

Auto, FMCG, Pharma, consumer durables and telecom, too, broadly ended on a muted note. On the contrary, the Nifty IT index was the top gainer, which ended 1% higher, followed by realty and energy sector stocks. IT majors TCS, Infosys and Wipro are set to announce their Q3 results tomorrow after market hours. 

Among individual stocks, debt-ridden telecom player Vodafone Idea was in the limelight today as the stock crashed over 22% after the company said it has opted to convert interest on deferred spectrum and AGR dues into equity. With this, the government will now become the largest shareholder of the company with a 35.6% stake. Today's slide has led the stock to correct 31.5% from its 52-week high level touched on December 10, 2021.

Among those listed recently, shares of PB Fintech, the parent company of Policybazaar, hit a new low after it fell nearly 5% on the BSE. In the past one month, the share price has dipped 25% following the expiry of the mandatory lock-in period for anchor investors on December 13, 2021. 

On the flip side, the shares of JBM Auto were locked at the 5% upper circuit and hit a new high on the BSE after the company announced the acquisition of 51% stake in group companies JBM Green Energy Systems and JBM EV Industries. In the past two months, the stock of the automotive company has zoomed 123%. 

Overall, 1,941 stocks advanced on the BSE while 1,505 declined and 67 ended flat. Among these, 615 stocks hit their respective upper circuits, while just 7 of these hit lower circuits.