MARKET COMMENT Jayant Manglik, President, Religare Broking After correcting sharply over the last two sessions, the Indian equity benchmark indices staged a smart comeback, led by a sharp recovery in the Rupee (vs USD) from record lows of 72.91. After trading in a narrow range during first half, the Nifty index bounced back sharply post noon from intra-day low from 11,250 and ended the session near the day’s high at 11,370 levels, up 0.7%. The broader market indices exhibited a mix picture with BSE Smallcap underperforming the benchmark and closing lower by 0.3%, while BSE Midcap ended higher by 0.5%. Barring Realty & Banks, which underperformed, all the other sectoral indices ended in the green with FMCG, Metals & Capital Goods being the top gainers. Globally, most Asian indices ended on a weak note, while European markets were trading flat to marginally higher. Despite today’s upmove, we continue to remain cautious on the Indian markets. Key macro data like IIP & CPI, movement of crude oil prices, currency (INR vs USD) and global developments, especially on the trade war front will dictate the market trend in the coming sessions. Traders should strictly hedge their positions, as we expect volatility to increase in the coming sessions Nifty FMCG index ends 2.53% higher. Top gainers: COMPANY LATEST PREV CLOSE GAIN() GAIN(%) GODREJ CONSUMER 866.70 832.17 34.53 4.15 GLAXOSMITH C H L 7409.95 7144.25 265.70 3.72 ITC 306.70 297.20 9.50 3.20 UNITED BREWERIES 1319.05 1281.05 38.00 2.97 TATA GLOBAL 221.30 216.00 5.30 2.45 Sectoral gainers & losers of the day BSE Sensex: Top gainers & losers Market at close The S&P BSE Sensex gained 305 points or 0.81 per cent to settle at 37,718 while NSE's Nifty50 index ended 82 points or 0.73 per cent higher at 11,370. KIOCL gains 11% as board mulls share buyback proposal Shares of KIOCL have moved higher by 11% to Rs 195 per share on the BSE after the state-owned company announced that its board will meet on Tuesday, September 18, 2018, to consider share buyback proposal. The stock bounced back 16% from its intra-day low of Rs 168 touched in early morning deal. READ MORE
The S&P BSE Sensex ended at 37,718, up 305 points while the broader Nifty50 index settled at 11,370, up 82 points.
Among sectoral indices, the Nifty FMCG index ended 2.5 per cent led by a rise in the share prices of GlaxoSmithKline Consumer Healthcare and ITC. The Nifty Pharma index, too, rose 1.1 per cent led by Sun Pharmaceutical Industries.
The markets will remain closed on Thursday on account of Ganesh Chaturthi. On Friday, the investors will react to July industrial production and August CPI inflation data, which will be announced later today.
The rupee bounced back from its fresh lifetime low, recovering around 70 paise to trade at 72.20 against the greenback.
Earlier in the day, it hit a new record low of 72.91 per dollar, weighed down by inflationary concerns and amid weakness in global currencies against the dollar.
Asian stocks slipped to 14-month lows on Wednesday with investor confidence chilled by the latest round of verbal threats in an intensifying US-China trade conflict.
(with wire inputs)