You are here: Home » Markets » News
Business Standard

Market Wrap Podcast, Oct 25: Here's all that happened in the markets today

Benchmark indices snapped their 4-day losing run as gains in banking stocks outweighed losses in almost every other sector. Besides, supportive global cues also bolstered sentiment on Street

Topics
MARKET WRAP

BS Web Team 

Benchmark indices snapped their 4-day losing run as gains in banking stocks outweighed losses in almost every other sector. Besides, supportive global cues also bolstered sentiment on Street.

After gyrating 955 points in the intra-day trade, the BSE barometer of 30 shares ended 145 points, or 0.24 per cent, higher at 60,967 levels led by gains in ICICI Bank, Axis Bank, SBI, Tech Mahindra, Dr Reddy's Labs, and M&M. The index had hit an intra-day high and low of 61,405 and 60,450, respectively.

On the downside, Bajaj Finserv, Bajaj Auto, Maruti Suzuki, HCL Tech, Asian Paints, IndusInd Bank, and Nestle India were the top laggards on the index.

It's NSE counterpart, Nifty50, on the other hand shut shop at 18,125 levels, up just 11 points or 0.06 per cent.

The weakness, however, continued in the broader where the Nifty MidCap 100 and the Nifty SmallCap 100 dropped 1.7 per cent and 2.3 per cent, respectively.

Overall, market breadth favoured sellers as over 2,300 stocks fell on the BSE relative to around 1,050 that rose. The volatility index, India VIx, ended 0.4 per cent up.

Coming to today's stock-specific action, shares of Reliance Industries ended 1 per cent lower on the back of profit booking after the company clocked a strong September quarter result. The stock had hit an intra-day high of Rs 2,699 but ended at Rs 2,601 apiece after the Mukesh Ambani-led firm reported a 43 per cent YoY surge in Q2 net at Rs 13,680 crore, backed by a 51 per cent jump in revenue.

In a separate development, RIL said it is reaping the benefits of an increase in production from its oil and gas assets. The higher production from RIL-bp controlled D6 block in the Krishna Godavari Basin will coincide with the government significantly hiking the price allowed for selling domestically produced natural gas.

Meanwhile, ICICI Bank hit a fresh record high of Rs 860 after the shares surged 13.3 per cent on the BSE in the intra-day trade post a better-than-expected Q2 show. The private sector lender on Saturday reported a 30 per cent year-on-year (YoY) jump in net profit at Rs 5,511 crore, which was also its highest-ever net profit, aided by robust net interest income (NII) and other income as well as lower provisions. The shares ended nearly 11 per cent higher.

On the downside, share of Asian Paints dipped 4 per cent to Rs 2,855.60 on the BSE in Monday's intra-day trade, thus falling 10 per cent in past three trading sessions post Q2 results. The company had reported 28.2 per cent year on year (YoY) decline in consolidated net profit at Rs 595.96 crore in July-September quarter (Q2FY22), due to higher operational cost.

Among key sectoral gainers, bank stocks led from the front with the Nifty Bank, Private Bank, and PSU Bank indices gaining up to 2 per cent each. Within the segment, shares of public sector banks extended their gains with State Bank of India (SBI) hitting a new high, while Canara Bank and Indian Bank hitting their respective 52-week highs in the intra-day trade on expectation of strong earnings for the quarter ended September 2021 (Q2FY22). The Nifty PSU Bank index, too, hit a record high of 2,914.05.

The Nifty Bank index, too, hit a fresh record high of 41,830 in the intra-day trade before closing 2 per cent up at 41,192.

On the downside, the Nifty Realty index was the worst hit. While the index cracked over 4 per cent in the intra-day trade, it closed around 3 per cent lower dragged by Lodha (down over 7 per cent), Sunteck Realty, Indiabulls Real Estate, Prestige Estate Projects, and Sobha.

Meanwhile, in other news, a recent note by Nomura suggests that if global prices of crude oil, natural gas, coal & electricity were to stay at current levels till December 2021 and rise by a modest 5 per cent till March 2022, the total potential impact on the consumer price inflation (CPI) back home will be around 1 percentage point (pp).

Now, coming to tomorrow's trading session, corporate results will be the focal point of Tuesday's trading day as over 80 companies will report their September quarter results including Axis Bank, Bajaj Finance, Kotak Bank, Cipla, and Dr Lal Path Labs.

MONTHLY STAR

Business Standard Digital

Business Standard Digital Monthly Subscription
199.00  
subscribe
Complete access to the premium product
Convenient - Pay as you go
Pay using Amex/Master/VISA Credit Cards and VISA Debit Cards Only
Auto renewed (subject to your card issuer's permission)
Cancel any time in the future
Requires personal information

What you get?

ON BUSINESS STANDARD DIGITAL

  • Unlimited access to all the content on any device through browser or app.
  • Exclusive content, features, opinions and comment – hand-picked by our editors, just for you.
  • Pick 5 of your favourite companies. Get a daily email with all the news updates on them.
  • Track the industry of your choice with a daily newsletter specific to that industry.
  • Stay on top of your investments. Track stock prices in your portfolio.
  • 18 years of archival data.

NOTE :

  • The product is a monthly auto renewal product.
  • Cancellation Policy: You can cancel any time in the future without assigning any reasons, but 48 hours prior to your card being charged for renewal. We do not offer any refunds.
  • To cancel, communicate from your registered email id and send the email with the cancellation request to assist@bsmail.in. Include your contact number for speedy action. Requests mailed to any other ID will not be acknowledged or actioned upon.

SMART ANNUAL

Business Standard Digital
Subscribe Now and get 12 months Free

Business Standard Premium Digital - 12 Months + 12 Months Free
1799.00
subscribe
Subscribe for 12 months and get 12 months free.
Single Seamless Sign-up to Business Standard Digital
Convenient - Once a year payment
Pay using an instrument of your choice -all Credit and Debit Cards, Net Banking, Payment Wallets, and UPI
Exclusive Invite to select Business Standard events

What you get

ON BUSINESS STANDARD DIGITAL

  • Unlimited access to all content on any device through browser or app.
  • Exclusive content, features, opinions and comment - hand-picked by our editors, just for you.
  • Pick 5 of your favourite companies. Get a daily email with all the news updates on them.
  • Track the industry of your choice with a daily newsletter specific to that industry.
  • Stay on top of your investments. Track stock prices in your portfolio.

NOTE :

  • The monthly duration product is an auto renewal based product. Once subscribed, subject to your card issuer's permission we will charge your card/ payment instrument each month automatically and renew your subscription.
  • In the Annual duration product we offer both an auto renewal based product and a non auto renewal based product.
  • We do not Refund.
  • No Questions asked Cancellation Policy.
  • You can cancel future renewals anytime including immediately upon subscribing but 48 hours before your next renewal date.
  • Subject to the above, self cancel by visiting the "Manage My Account“ section after signing in OR Send an email request to assist@bsmail.in from your registered email address and by quoting your mobile number.

Dear Reader,


Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

First Published: Mon, October 25 2021. 18:10 IST
RECOMMENDED FOR YOU
.