Moneycontrol
Last Updated : Sep 28, 2018 05:56 PM IST | Source: Moneycontrol.com

An evening walk down Dalal Street | Financials weigh big on Sensex, Nifty in September; midcaps correct

At the close of market hours, the Sensex closed down 97 points or 0.2% at 36227.1, and the Nifty down 44.4 points or 0.4% at 10933.1.

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Over 2,000-point fall on the Sensex, while 700-pt decline on the Nifty. This sums up how the market performed in September, reflecting the pain investors went through. On Friday, benchmarks continued with its negative streak, with the Nifty ending the first day of October series below 11,000-mark.

In fact, CNBC-TV18 reports that benchmarks saw a biggest monthly decline since October 2008, while Nifty Midcap and Bank Nifty posted their biggest ever monthly fall.

Friday’s trade was dominated by a weakness in other major sectors such as metals and automobiles, while financials traded lower too. But their performance was a tad better as compared to auto and metals. Nifty FMCG and Bank Nifty have ended in the green. Selling in midcaps have also been one of the major factors for the market to fall.

The day began on a good note, following positive global cues, but volatility later in the day and selloff in midcaps weighed big on the frontline indices.

At the close of market hours, the Sensex closed down 97 points or 0.2% at 36227.1, and the Nifty down 44.4 points or 0.4% at 10933.1. The market breadth is negative as 526 shares advanced, against a decline of 2,101 shares, while 159 shares were unchanged.

Shares of Axis Bank, ITC, and Wipro are the top gainers, while Yes Bank, Hero MotoCorp, and Indiabulls Housing lost the most.

“Market started the new F&O expiry on weak note as Nifty lost nearly half a percent amid volatility. Moreover, stocks were trashed badly across the board. It started with decline in select banking and NBFC counters which later engulfed the others too,” Jayant Manglik, President of Religare Broking said in a statement.

It's a tough situation as participants are hoping for a breather but markets are in no mood to stop this carnage. More than the benchmark index, severe decline on stock specific front has triggered panic among the participants. We advise staying light and avoid catching the falling knives.

Stocks in News

Investors in Infibeam had a forgetful Friday. The stock ended over 70 percent lower amid heavy selling. The company’s attempt to voluntarily clarify to the exchanges where there were no reasons for the stock to fall did not arrest the slide.

Shares of JSW Steel gained ended 5 lower after rising in early trade as it replaced Lupin in the Nifty.

Yes Bank was under pressure again even as the lender assured investors of not hiding bad loans or manipulating stock price.

Market debutant IRCON ended lower than its listing price of Rs 422. The stock ended at Rs 416.65 on the BSE, much lower than the issue price of Rs 75.

Shares of Gail India and Gujarat State Petronet (GSPL) gained 3-7 percent intraday Friday but ended mixed. GAIL ended half a percent higher, while GSPL fell over 3 percent. The stocks were in news after Petroleum and Natural Gas Regulatory Board (PNGRB) revised tariffs for key gas transportation pipelines.

Global Cues

European stocks were down as investors continued to keep an eye on political developments in Europe. STOXX 600 fell 0.25 percent shortly after the opening.

Meanwhile, Asian markets were largely positive. Nikkei 225 closed higher by 1.36 percent at 24,120.04, with most sectors advancing.
First Published on Sep 28, 2018 04:19 pm
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