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Markets turn deep red; Sensex below 60,600, Nifty 50 erases 18k; ICICI Bank top gainer; Bajaj triplets, HDFC Bank, HUL, ITC, Maruti weigh – Indiainfoline

Indian markets saw a stormy opening to the week as investors reacted to some heavyweights Q2 earnings like Reliance Industries (RIL) and ICICI Bank among others. Also, a host of major companies are lined up to announce their financial performance for Q2, which has kept investors on their toes. Further, the market’s movement is ahead of the monthly futures & options contracts, whereas mixed global cues also influenced sentiments.

At home, in the broader markets, the Midcap stocks extended their bearish stance witnessing their worst week in a year, while Smallcaps further was in deep red.

Meanwhile, a broad-based selloff was recorded across sectoral indices with FMCG, IT, Healthcare, Consumer Durables, Capital Goods and Auto index weighing down the most. On the contrary, Banking stocks outperformed not just counterparts but also the benchmarks.

At around 09.49 am, Sensex was trading at 60,567.75 down by 253.87 points or 0.42%. The index has touched an intraday high and low of 61,404.99 and 60,566.78 respectively.

Nifty 50 performed at 18,002.85 lower by 112.05 points or 0.62%. The index has touched an intraday high and low of 18,241.40 and 17,981.45 respectively.

The performance comes ahead of the monthly futures & options contracts expiry scheduled on October 28, 2021. Stocks like RIL, ICICI Bank, HDFC Life Insurance Company and Tata Consumer Products will be in focus after their Q2 earnings.

While major companies that are set to announce their Q2 today are – Tech Mahindra, HDFC Asset Management Company, Aditya Birla Sun Life AMC, Aurionpro Solutions, Ceat, Colgate-Palmolive (India), Indus Towers, Jagran Prakashan, Quick Heal Technologies, Ramco Cements, Shriram Asset Management, SRF and Suven Life Sciences among others.

Top bulls on Sensex were – ICICI Bank surging 8.6% followed by M&M and Axis Bank climbing 1.6% and 1.5% respectively. NTCP, SBI, RIL were marginally up.

Top bears on Sensex were – Asian Paints and IndusInd Bank dived nearly 3% each. HCL Tech slipped 2.5% while Bajaj Finance, Titan, Bajaj Finserv, Kotak Bank and Bajaj Auto dipped more than 2% each.

Stocks like Maruti Suzuki, Tech Mahindra, Nestle, ITC, Ultratech Cement, Bharti Airtel, Tata Steel, Infosys, HUL, HDFC Bank and Sun Pharma dropped between 1-2%.

On a sectoral indices basis, on BSE, the Consumer Durables index nosedived 1,125 points, while the IT and Auto over 660 points and 540 points. Healthcare and Capital Goods fell by over 540 points and over 485 points. However, the Bankex index skyrocketed nearly 445 points.

On BSE, the MidCap and SmallCap index declined by nearly 675 points and 764 points respectively. The Sensex Next 50 dipped by over 1,150 points.

On the global front, Asian markets opened mixed with the Japanese ‘Nikkei’ seeing profit booking while auto stocks seeing buying interest in South Korean markets. Chinese stocks will again see interest as most of the weakness of GDP numbers is behind, however, a fresh surge in Covid cases could see more traction on Government action in ease of liquidity for banks.

Last week, on Friday, US markets closed mixed with Dow Jones closing at fresh new all-time highs while Nasdaq ended lower by 125 points as higher yields saw profit-booking in technology stocks and buying in banks. Bond yields closed at 1.63% while the US$ index closes lower at 93.36.