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Sensex down 300 points; HDFC, HDFC Bank Top Loss; NTPC, Sun Pharma strong

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Kotak Mahindra Bank, ICICI Bank, HDFC and HDFC Bank fell 1-2 per cent

Domestic stock indices have recouped some of their early losses and are currently down around half a percentage point due to a partial correction in global markets. European markets are strong in early trade, each posting gains of about half a percentage point, and Asian markets such as the Hang Seng and the Nikkei have returned in the green. At 1:20 pm, the BSE Sensex is trading down 266.80 points or 0.44 per cent at 59,407.60 and the NSE Nifty is down 45 points or 0.25 per cent at 17,705.95.

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

Meanwhile, the day before the end of the September F&O series, India VIX jumped 2.37 per cent to 18.98, showing a rise of 19 per cent in the last five trading sessions. According to analysts, the return of volatility after the Sensex touches the 60,000 mark indicates panic among market participants at higher levels.

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

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

On the other hand, NTPC, Sun Pharma, PowerGrid and SBI have gained almost one 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 would develop a residential project in Mumbai’s Wadala.

The breadth of the BSE market is weak. Of the 3,363 stocks traded on the BSE, 1,852 are forward shares, while 1,334 are down.

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