Markets nosedive amid mixed cues; Sensex erases 61k, Nifty 50 gives up 18,500; IndusInd Bank jumps 8% after Q2; Titan, ITC top bears

Except for capital goods, all other sectoral indices were trading lower back at home. Consumer Durables, IT, Banking and FMCG stocks weighed the most.

Oct 28, 2021 09:10 IST India Infoline News Service

Bear Market
Indian markets nosedived on Thursday, a day of the monthly futures & options expiry. Benchmarks Sensex and Nifty 50 tracked mixed global cues that showcased a cautious appetite for equities as traders await key economic data. Except for capital goods, all other sectoral indices were trading lower back at home. Consumer Durables, IT, Banking and FMCG stocks weighed the most. Corporate results continue to play a vital role in markets sentiments.

On a broader level, globally, the focus has been shifted towards the European Central Bank policy meeting, while Bank of Japan's policy and US jobless claims are also keenly watched.

At around 09.51 am, Sensex was trading at 60,811.66 lower by 331.67  points or 0.54%. The index has touched an intraday low of 60,706.18.

Nifty 50 performed at 18,091.70  below 119.25 points or 0.65%. The index has touched the day's low of 18,063.45.

On BSE, the Consumer Durables was worst hit by slipping nearly 600 points, while the Metal index shed nearly 460 points. Bankex dipped over 300 points.

Tops bulls on Sensex were - IndusInd Bank surging over 8.4% followed by L&T soaring nearly 4%. M&M climbed over 1%. Bajaj Auto, Maruti Suzuki and Ultratech Cement zoomed between 0.5-0.6%.

Top bears on Sensex were - Titan dipped over 3% followed by ITC and Tata Steel shedding more than 2% each. ICICI Bank plunged 1.8%.

Stocks like SBI, HDFC, Axis Bank, Power Grid and Kotak Bank dropped more than 1% each.

Nykaa will launch its initial public offering for subscription today at a fixed price band of Rs1,085-1,125 per share. The company plans to raise a whopping Rs5,352cr from the issue.

Major companies that are set to announce their Q2 results today are - Bajaj Finserv, InterGlobe Aviation, SBI Cards and Payment Services, Adani Green Energy, Adani Total Gas, NTPC, DLF, Tata Power, Marico, Bajaj Holdings & Investment, Gujarat Gas, Schaeffler India, AU Small Finance Bank, Indian Bank, Laurus Labs, Mahindra & Mahindra Financial Services, RBL Bank, Uco Bank, Motilal Oswal Financial Services, Infibeam Avenues, Edelweiss Financial Services, Welspun Corp, UTI Asset Management Company, Shree Renuka Sugars and APL Apollo Tubes.

Asian markets opened mixed with the Japanese 'Nikkei' trading lower by 200 points in early trade taking cues from the US markets. Fall in yields along with oil prices bodes well for Asian economies as the threat of rising inflation abates which will see equities outperform in the near to medium term. Chinese stocks will also see action as manufacturing growth returns with the festive season seeing pick up.

Overnight, on Wall Street, US markets close mixed with Dow Jones closing lower by over 250 points while Nasdaq closed with gains for 3rd day running. Bond yields record the sharpest decline in over 3-months with 10-year yields falling to 1.55%. Oil prices also see a swift decline from recent highs down over 4%. Auto & technology stocks shine while banks see profit booking on falling yields.

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