Sensex ends volatile session 95 points higher on gains in HDFC twins

NEW DELHI: Benchmark equity indices closed the volatile session with a positive bias on Wednesday after a chaotic US presidential debate and ahead of a promised US stimulus package.

Meanwhile, weak global market cues and rising Covid cases kept the investor sentiment subdued and gains in check.

The debate saw heated clashes between President Donald Trump and Democratic rival Joe Biden, leaving more doubts about the November election and whether Trump would accept an unfavourable result than clarity of who could come out on top.

The 30-share pack Sensex gained 94.71 points or 0.25 per cent to 38,067.91, led by gains in HDFC duo and FMCG majors HUL and ITC. Its peer NSE Nifty added 4.10 points or 0.04 per cent to 11,226.50. This is the first time since March when the indices have closed the month with a loss.

“As expected, benchmark indices remained volatile throughout the day, fluctuating between losses and gains before finally ending the day flat. Global cues were mostly negative, following caution over the outcome of US presidential elections and also because of rising virus cases around the world,” said Vinod Nair, Head of Research at Geojit Financial Services.

Market at a glance

Among the blue chip names, Grasim Industries was the biggest gainer, up 2.99 per cent at Rs 743. Tech Mahindra, Titan, Nestle India, Dr Reddy’s Labs, Shree Cement, Cipla, UPL and Britannia were among other gainers that advanced 1-3 per cent.

BPCL was the biggest casualty of the day, down 9 per cent after the government extended the deadline for submitting the bids to November 16. Bharti Airtel, Tata Steel, JSW Steel, IndusInd Bank and HDFC Life Insurance followed with cuts of 2-4 per cent.

Broader market indices underperformed their headline peers and closed with marginal cuts. Nifty Smallcap was down 0.28 per cent and Nifty Midcap 0.01 per cent. Nifty 500, the broadest index on NSE, added 0.07 per cent.

Mphasis, Crompton Greaves, Navin Fluoride, BASF India, Linde India and GMM Pfaudler were among the top gainers from the mid and smallcap indices rising in the range of 4-6 per cent.

Aster DM Healthcare, Alok Industries, Aegis Chemicals, SAIL, Future Retail and JSW Energy were among the biggest losers from the broader market space that dropped in the range of 3-6 per cent.

Nifty Metal was the biggest sectoral loser on NSE, down 2.12 per cent, followed by Nifty PSU Bank and Nifty Realty that slipped about a per cent each. Nifty FMCG was the biggest gainer among them, up 1.34 per cent followed by Nifty Pharma that rose 0.48 per cent.

Market breadth was in favour of the losers with 1,242 stocks ending in the green while 1,368 names shut shop with cuts. As many as 110 securities hit 52-week highs, mostly from the smallcap space. Meanwhile, 59 names hit 52-week lows, mostly from the microcap space. About 281 stocks hit upper circuit limit and 222 lower circuit limit.

Meanwhile, the response to the IPO of UTI AMC has been tepid and it will be seen if it sails through in the last day of the bidding process as most of the QIB and HNI applications come in the last hours of the bidding.

Globally, European markets were trading with cuts. London’s FTSE was down 0.17 per cent, Paris based CAC 0.47 per cent and Frankfurt based DAX 0.45 per cent. Asian markets were mixed with Hong Kong, Taiwan and South Korea ending the day with gains while Japan, Singapore, China, Indonesia and Thailand closed with losses.

Let’s prepare for tomorrow:

• Auto sales: Auto companies will start publishing their September sales data that will be keenly eyed by investors.

• US stimulus: Lawmakers have promised a stimulus during this week which will be expected by marketmen.

• UTI AMC IPO: Investors will also keep an eye on the issue’s progress in the primary market as its failure may cast doubt on other upcoming issues.