Sensex Down 300 Points; HDFC, HDFC Bank Top Losers; NTPC, Sun Pharma Outperform

The broader markets are outperforming their largecap counterparts, with the BSE Midcap and BSE Smallcap indices gaining 0.7 per cent and 0.2 per cent respectively

Sensex Down 300 Points; HDFC, HDFC Bank Top Losers; NTPC, Sun Pharma Outperform

Kotak Mahindra Bank, ICICI Bank, HDFC and HDFC Bank have shed 1-2 per cent each

The domestic stock indices have recouped some of their initial losses and are currently lower by around half a per cent, due to a partial recovery in the global markets. The European markets are strong in opening trades, registering gains of around half aa per cent each, and the Asian markets such as Hang Seng and Nikkei have rebounded into the green. At 1:20 pm, the BSE Sensex is trading at 59,407.60, lower by 266.80 points or 0.44 per cent and the NSE Nifty is at 17,705.95, down 45 points or 0.25 per cent.

The broader markets are outperforming their largecap counterparts, with the BSE Midcap and BSE Smallcap indices gaining 0.7 per cent and 0.2 per cent respectively.

Meanwhile, the India VIX has jumped 2.37 per cent to 18.98 a day ahead of the September F&O series expiry, marking a rise of 19 per cent in the past five trading sessions. The return of volatility after the Sensex scaled the 60,000 mark indicates the nervousness of market participants at the elevated levels, according to analysts.

Aditya Birla Sun Life AMC IPO, which opened for bidding this morning, has been subscribed 24 per cent thus far. The primary market offering will close on October 1.

On the stock-specific front, Kotak Mahindra Bank, ICICI Bank, HDFC and HDFC Bank are the top three losers in the Sensex pack, shedding 1-2 per cent each. Bajaj Auto, Maruti Suzuki, Tech Mahindra and Infosys are the other significant losses among Sensex stocks.

On the other hand, NTPC, Sun Pharma, Powergrid and SBI have gained around a per cent each on the BSE.

Among stocks in the news, Godrej Properties hit a new high of Rs 2,409.95 on the BSE after the company said it will develop a residential project at Wadala in Mumbai.

The BSE market breadth is weak. Out of 3,363 stocks traded on the BSE, there are 1,852 advancing shares as against 1,334 declines.

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