SENSEX, NIFTY50 decline for second straight session dragged by Reliance, ICICI Bank

The Indian equity benchmarks declined for a second straight session on Tuesday, September 29, as investor sentiment remained weak tracking a surge in crude prices and rising bond yields in the United States. The SENSEX fell as much as 707 points and NIFTY50 index touched an intraday low of 22,570.

However, the benchmarks recovered most of their losses in late noon deals on account of value buying in index heavyweights like Adani Ports, Sun Pharma, Tata Steel Kotak Mahindra Bank and NTPC ahead of monthly expiry of September futures and option contracts.

The SENSEX ended 243 points lower at 72,529 and NIFTY50 index declined 64 points to close at 22,716.

11 of 15 major sector gauges compiled by the National Stock Exchange (NSE) ended lower led by the NIFTY Consumer Durables index's 2.71% fall. NIFTY Realty, Oil & Gas, PSU Bank, IT, FMCG, Auto and Bank indices also fell between 0.4% and 2%.

On the other hand, metal, pharma, media and healthcare shares witnessed buying interest

Broader markets underperformed their larger peers as NIFTY Midcap 100 index fell 1% and NIFTY Smallcap 100 index dropped 0.8%.

Among the individual shares, Azad Engineering shares rose as much as 10.1% to hit a 52-week high of ₹2,998 as the company inaugurated two exclusive lean manufacturing facilities for GE Vernova's Gas Power business.

According to a regulatory filing, the facilities were inaugurated at its Centre of Excellence & Innovation Centre in Tunikibollaram, Hyderabad, on September 28, expanding its footprint to three dedicated facilities for the global energy giant.

The Hyderabad-based firm further stated that the two “state-of-the-art” facilities, each spanning 7,600 sq. m, are dedicated to manufacturing highly engineered rotating and stationary airfoils and specialised machined parts, meeting GE Vernova's global demand in the power generation and essential industries.

Titan was top loser in the NIFTY50 index, the stock rose 3% to ₹4,675. Wipro, HCL Technologies, Apollo Hospitals, Tech Mahindra, Bajaj Auto, Tata Consultancy Services and Max Healthcare also fell between 1.8% and 2.95%.

On the flips side, Adani Enterprises and Adani Ports were top gainers in the NIFTY50 index after Gautam Adani settled proceedings initiated by markets regulator SEBI over alleged violations of minimum public shareholding (MPS) norms by paying a settlement amount of ₹1.48 crore.

The settlement covers Adani Enterprises Ltd, Adani Power Ltd, Adani Ports and Special Economic Zone Ltd, and Adani Transmission Ltd, now known as Adani Energy Solutions Ltd, along with their directors.

Dr Reddy's Labs, Sun Pharma, Infosys, Kotak Mahindra Bank and Tata Steel were also among the gainers.

The overall market breadth was negative as 1,529 shares ended lower while 2,039 closed lower on the NSE.