FINAL TRADE: Sensex down over 316 pts, Nifty settles at 19,529; Vedanta gains nearly 4%

Stock market today: The domestic equity market settled lower on Tuesday, October 3, amid weak global cues. Selling pressure was seen on auto, financial services, banks, FMCG, IT, metal, pharma, realty and oil and gas counters. 

At close, the S&P BSE Sensex was down 316.31 points, or 0.48 per cent at 65,512.1, and the NSE Nifty was down 109.55 points, or 0.56 per cent at 19,528.75.

In the broader market, the Nifty Mid Cap 100 and Small Cap 100 closed in positive territory. 

Nifty Bank was down 0.42 per cent at 44,399.05.

"Consolidation continued given the rising US bond yields and dollar index, prompting FIIs to pull funds. While the moderation in oil prices may provide respite on the downside, Infrastructure activity indicates an acceleration led by the rise in core sector output," said Vinod Nair, Head of Research at Geojit Financial Services.

Nair added that auto stocks declined due to mixed-bag monthly data, while a near-normal monsoon will aid positive sentiment for consumption in the near term.

TECHNICAL VIEW 

"We have been anticipating a pullback; however, the attempts have been fragile, and thus we shall await a decisive price confirmation. In terms of levels, 19,500–19,440 is the crucial support zone, while 19,590 – 19,640 shall act as an immediate hurdle zone," said Jatin Gedia – Technical Research Analyst at Sharekhan by BNP Paribas.

For Nifty Bank, Gedia said that the pullbacks towards the key hourly moving averages are being sold into, and hence, until the Bank Nifty does not sustain above the 44,700 – 44,800 zone, we can expect the weakness to continue. On the downside, the Bank Nifty can slip towards 44,000–43,800.

NIFTY STOCKS 

Among the Nifty 50 stocks, 13 advanced, whereas 37 declined. ONGC, Eicher Motors, Maruti Hindalco, Dr Reddy's Laboratories were the top laggards. On the flip side, Bajaj Finance, L&T, Titan, Bajaj Finserv, and Adani Ports were the major gainers.

BUZZING STOCKS 

MCX shares were down over 4 per cent.

Delta Corp shares were down over 4 per cent as a result of the introduction of the 28 per cent Goods and Service Tax (GST) for online gaming effective October 1.

Conversely, Vedanta shares were up over 3 per cent after its board-approved demerger.

Mahanagar Gas shares ended over 7 per cent higher after CNG prices were cut.

Heidelberg Cement shares were up over 6 per cent after Jefferies said cement prices would be hiked to Rs 10–50 per bag in October.

Metro Brands shares were up over 12 per cent after the company entered into talks with multiple investors.

Ujjivan Small Finance Bank shares were up over 9 per cent as the company is expected to complete the reverse merger with its holding company, Ujjivan Financial Services (UFSL).

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