Market Wrap, Oct 28: NIFTY50 ends at 25,936, SENSEX drops 150 points on weak global cues; metal stocks shine; Bajaj Finserv top loser

The Indian equity market staged a late recovery from its intraday lows but still ended lower on Tuesday, October 28, dragged down by weakness in IT and realty stocks and global cues.

Market investors turned cautious ahead of a planned meeting between US President Donald Trump and China's top leader. Trump indicated that he expects to reach a new trade agreement with Chinese President Xi Jinping during their meeting on the sidelines of a Pacific Rim summit in South Korea later this week.

Metal stocks, however, outperformed on Tuesday, with Jindal Steel (3.93%), Tata Steel (2.82%) and JSW Steel (2.82%) staging a strong rally.

According to exchange data, on Monday, the foreign institutional investors (FIIs) sold shares worth ₹55.58 crore, while the domestic institutional investors (DIIs) bought equities worth ₹2,492.12 crore on a net basis.

Globally, Asian shares were mostly trading lower on Tuesday as investors turned cautious ahead of a planned meeting between US President Donald Trump and China's top leader.

Japan's Nikkei was down 0.63%, Hong Kong's Hang Seng slipped 0.40%, South Korea's KOSPI fell 0.81%, and China's Shanghai Composite declined 0.22%.

On Wall Street, the main indices extended their record-breaking run to Monday on expectation of a trade deal between the United States and China.

The S&P 500 rose 1.2%, the Dow Jones Industrial Average added 0.7%, and the tech-heavy Nasdaq jumped nearly 2%. All three indices set an all-time high for a second straight session.

Here are the key developments of Tuesday’s session that you need to know

As many as 3,237 stocks traded on the NSE on Tuesday. Out of this, 1,385 advanced and 1,730 declined, while 122 scrips remained unchanged.

This, however, indicates that the market breadth favoured declines.

A total of 77 stocks hit their 52-week highs, while 54 stocks touched their one-year lows. Besides, 64 stocks hit their upper circuit limits, and 56 touched their lower circuit bands on Tuesday.

NSE-listed firms' market capitalisation stood at ₹468.54 lakh crore at the end of the session.

The volatility index India VIX rose 0.80% to close at 11.95 levels.

The NIFTY Midcap 100 index slid 0.02%, ending at 59,765.35 levels, while the NIFTY Smallcap 100 gauge settled 0.02% up at 18,407.60 levels.

Nifty Realty (-1.05%) led the decline among sectoral indices, followed by Nifty IT (-0.74%), Nifty Consumer Durables (-0.69%), Nifty FMCG (-0.57%), and Nifty Oil & Gas (-0.49%).

Meanwhile, Nifty Metal (1.23%), Nifty PSU Bank (1.21%), Nifty Media (0.15%) and Nifty Private Bank (0.08%) were the winners.

On Tuesday, 29 stocks declined on the NIFTY50 index, while 21 settled in green and one remained unchanged.

Bajaj Finserv was the biggest laggard, falling 1.48%, followed by Trent (-1.37%), Coal India (-1.31%), Tech Mahindra (-1.13%) and ONGC (-1.1%).

On the flip side, Tata Steel (2.82%), JSW Steel (2.28%), SBI Life (1.62%), Larsen & Toubro (1.47%) and HDFC Life Insurance (1.32%) were the top gainers on the 50-share index.