Market wrap: Anti-climactic end to firm trading day as Sensex sheds 323 pts

Top headlines

• RIL, Infosys drag Sensex 323 points down;  Nifty holds 17,400

• India to consider allowing crypto trading for some investors

• Cabinet approves repeal of farm laws

• Jhunjhunwala-backed Star Health looking to raise Rs 7,000 cr via IPO

A firm trading day saw an anti-climactic end today, with indices turning sharply lower towards the fag end of the session. 

Last hour sell-off in heavyweights like Reliance Industries, Infosys, HDFC, ITC, and Maruti Suzuki, coupled with a spike in crude oil prices and uncertainty over cryptocurrency regulation, soured sentiment on the Street.

The BSE Sensex closed at 58,341, down 323 points or 0.55 per cent, after swinging 825 points intra-day. On the NSE, the Nifty50 ended at 17,415, down 88 points, or 0.5 per cent.

Meanwhile, in the broader markets, the indices ended on a mixed note. The BSE MidCap index fell 0.57 per cent, while the BSE SmallCap index added 0.44 per cent.

Sectorally, the Nifty IT index was the biggest loser, as it ended 1.5 per cent lower on the NSE. On the flipside, the Nifty Bank index added 0.45 per cent.

Overall, the market breadth on the BSE still favoured buyers, with over 1,900 stocks advancing on the BSE today, compared with 1,350 stocks that declined.

Individually, the shares of Zee Entertainment Enterprises surged 8 per cent intra-day, gaining 13 per cent in the past two trading days, after Punit Goenka, MD and CEO of Zee, said that merger talks between his company and Sony Pictures were in final stages of stitching up. The shares ended 6.5 per cent higher on the BSE at Rs 333 per share.

That apart, shares of the recently listed companies, including Latent View Analytics, Paytm, SJS Enterprises, and Fino Payments Bank rallied up to 20 per cent on the BSE in Wednesday's intra-day trade on the back of heavy volumes.

Except Latent View Analytics, all three stocks had seen a weak market debut. While these stocks have now recovered by up to 35 per cent from their post-listing lows, they are still trading below their respective issue prices.

Coming to primary market developments, Star Health and Allied Insurance Co is aiming for a valuation of about $7 billion in its initial public offering.

Backed by ace Indian billionaire investor Rakesh Jhunjhunwala, the Indian health insurance provider is looking to raise Rs 7,249 crore and has set a price band between Rs 870 and Rs 900 per share, according to a Reuters report.

In a separate development, the Union Cabinet on Wednesday approved a Bill to repeal the three contentious farm laws. The new Bill will now be introduced in the Lok Sabha for passage in the upcoming winter session beginning November 29.

That apart, a Bloomberg report has suggested that India might be considering a proposal to treat cryptocurrencies as a financial asset while safeguarding small investors.

The report has also said that the legislation could stipulate a minimum amount for investments in digital currencies, while banning their use as legal tender.