Sensex, Nifty End Over 2% Lower; Nifty Bank Falls 750 Points

Indian equity markets ended the first day of the September series expiry week, ending with steep cuts, in-line with the sour global sentiment.

The S&P BSE Sensex 2.1% lower at 38,034 while the NSE Nifty 50 index fell 2.2% to end at 11,250. Only 3 out of the 50 index constituents ended the day with gains.

All sectoral indices ended with losses, including the Nifty I.T. index which traded with gains for most parts of the session. The index snapped a seven-day gaining streak.

The Nifty Bank ended over 700 points lower, declining 3.5%. Barring Kotak Mahindra Bank, all constituents of the index, ended with losses.

The Nifty Realty index was the top laggard in today's session, ending 6% lower, followed by the Nifty Metal index, which declined 5.5%.

Indices like Nifty Pharma, Nifty PSU Bank, Nifty Media and Nifty Auto fell over 4% each. The FMCG index too declined 3.3%.

Investors took profits off the table from the broader markets as well. The midcap index ended 4.1% lower while the smallcap index fell 4.2%.

India Volatility Index rose 13% to end at 22.65.

Market breadth turned adverse with 1,597 stocks on the NSE ending with gains while only 293 managed to end with gains.

The state-run lender has informed the exchanges that it will consider raising funds through a Qualified Institutional Placement (QIP) at its board meeting.

The board meeting will take place on September 25, the bank said in its exchange filing.

The board had earlier shared its capital raising plans for FY21, in July.

Shares fell as much as 3.1% to Rs 95.6 and are down for the fourth straight day. The stock trades at the lowest level in nearly four months.

• Worst performing stock on the Nifty FMCG Index
• Falls as much as 5.5% to Rs 510.8
• Biggest single-day drop in six months
• Trades at the lowest level in nearly two months
• Down for the second straight day
• Today's volumes are 17% below its 20-day average
• Nearing its 50-Day Moving Average on the downside at 499.5
• Has declined 14% from its 52-week high of Rs 591.9, on September 3, 2020
• 12 out of the 13 analysts tracking the stock have a buy recommendation; 0 sell calls
• The stock still trades 1.5% higher than its 12-month consensus price target of Rs 506.5

• Dr Reddy's 5,600 Call: Premium down 58.6% to Rs 28. The contract has added 3 lakh shares in Open Interest.
• Reliance Industries' 2,400 Call: Premium down 48% to Rs 7.7. The contract has shed 33,835 shares in Open Interest.
• State Bank of India's 200 Call: Premium down 66.7% to Rs 0.7. The contract has added 2.6 lakh shares in Open Interest.

• Among worst performing stock on the Midcap index
• Falls as much as 5.7% to Rs 1,041.6
• Biggest single-day fall in four months
• Trades at the lowest level in three months
• Down for the third straight day
• Declines 9% in the last three trading sessions
• Today's volumes are 27% below its 20-day average
• Falls below its 100-Day Moving Average of 1,074
• Has declined 26% from its 52-week high of Rs 1,405 on July 28, 2020
• Eight out of the 14 analysts tracking the stock have a buy recommendation; 1 sell call
• Return potential of the stock as per Bloomberg data is 23.4%